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PEP

PepsiCo

$107.78

-1.78 (-1.62%)

06:12
07/10/18
07/10
06:12
07/10/18
06:12

PepsiCo reports Q2 FLNA operating profit up 5%, NAB operating profit down 16%

Frito-Lay North America, or FLNA, operating profit grew 5%, primarily reflecting the net revenue growth and planned cost reductions across a number of expense categories, partially offset by certain operating cost increases. Quaker Foods North America, or QFNA, operating profit was flat, reflecting the net revenue performance, as well as less favorable settlements of promotional spending accruals compared to the prior year, which negatively impacted operating profit performance by 4 percentage points. In addition, higher commodity costs negatively impacted operating profit performance by 3 percentage points. These impacts were partially offset by planned cost reductions across a number of expense categories and lower advertising and marketing expenses. Additionally, insurance settlement recoveries related to the 2017 earthquake in Mexico and other insurance adjustments positively contributed 2 percentage points and 2.5 percentage points, respectively, to operating profit performance. North America Beverages, or NAB, operating profit decreased 16%, reflecting certain operating cost increases, including increased transportation costs, and the net revenue performance, as well as higher commodity costs, which negatively impacted operating profit performance by 5 percentage points. These impacts were partially offset by planned cost reductions across a number of expense categories, as well as certain insurance adjustments which positively contributed 2 percentage points to operating profit performance. Less favorable settlements of promotional spending accruals compared to the prior year and a favorable legal settlement in the prior year negatively impacted operating profit performance by 2 percentage points and 1 percentage point, respectively. Latin America operating profit increased 18%, reflecting planned cost reductions across a number of expense categories and effective net pricing. Additionally, insurance settlement recoveries related to the 2017 earthquake in Mexico and the impact of a promotional spending accrual adjustment contributed 5 percentage points and 4 percentage points, respectively, to operating profit growth. These impacts were partially offset by certain operating cost increases and the volume declines, as well as higher commodity costs, which reduced operating profit growth by 8 percentage points. Lower restructuring and impairment charges contributed 11 percentage points to operating profit growth. Europe Sub-Saharan Africa, or ESSA, operating profit decreased 11%, reflecting a prior-year gain associated with the sale of our minority stake in Britvic, which negatively impacted operating profit performance by 19 percentage points, certain operating cost increases and higher advertising and marketing expenses. Additionally, higher commodity costs negatively impacted operating profit performance by 3 percentage points. These impacts were partially offset by the net revenue growth and planned cost reductions across a number of expense categories. Favorable foreign exchange positively contributed 4 percentage points to operating profit performance. Asia, Middle East and North Africa operating profit increased 61%, primarily reflecting the net impact of refranchising our beverage businesses in Thailand in 2018 and Jordan in 2017, which increased operating profit growth by 42 percentage points. Additionally, the effective net pricing, planned cost reductions across a number of expense categories and the volume growth contributed to operating profit growth. These impacts were partially offset by certain operating cost increases, as well as higher commodity costs, which reduced operating profit growth by 3 percentage points.

  • 10

    Jul

PEP PepsiCo
$107.78

-1.78 (-1.62%)

07/03/18
DBAB
07/03/18
DOWNGRADE
Target $116
DBAB
Hold
PepsiCo downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Stephen Powers downgraded PepsiCo to Hold with an unchanged price target of $116. The stock closed yesterday up 66c to $109.53. The analyst views the current valuation as a "bit bubbly." With at least 36 months of elevated investment, the stock's current risk/reward is fairly balanced, Powers tells investors in a research note.
07/03/18
07/03/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. United Continental (UAL), American Airlines (AAL), and Delta Airlines (DAL) downgraded to Hold from Buy at Deutsche Bank with analyst Michael Linenberg saying in a world of "heightened" macroeconomic and geopolitical risks, economically-sensitive, high beta stocks such as airlines typically underperform the broader market. 2. Belmond (BEL) downgraded to Underweight from Overweight at Barclays with analyst Felicia Hendrix citing an analysis of the company's progress on its growth targets announced back in June 2016. 3. PSEG (PEG) downgraded to Hold from Buy at Deutsche Bank with analyst Jonathan Arnold saying The Federal Energy Regulatory Commission order raised new questions over New Jersey zero-emission credits. 4. PepsiCo (PEP) downgraded to Hold from Buy at Deutsche Bank with analyst Stephen Powers viewing the current valuation as a "bit bubbly." 5. Watsco (WSO), Fastenal (FAST), and Grainger (GWW) downgraded to Neutral from Outperform at Baird with analyst David Manthey saying he thinks the cycle and individual company results could remain solid for quarters or years to come, but he believes the cycle is in its later stages, thereby elevating risks to gross margins, rising labor costs, and earnings deceleration in 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/06/18
WELS
07/06/18
NO CHANGE
Target $107
WELS
Market Perform
Wells Fargo cautious on PepsiCo fundamentals into Q2 results
Wells Fargo analyst Bonnie Herzog is cautious on PepsiCo's fundamentals ahead of the company's Q2 earnings results on July 10. The analyst reduced her fiscal 2018 and 2019 estimates to reflect continued weakness in North American beverages, lower sales in Latin America following the May trucker strike in Brazil and incremental currency headwinds. However, despite these continued pressures, the market could react favorably to PepsiCo management providing more details on their ultimate plans for the Beverage business, Herzog tells investors in a pre-earnings research note titled "PEP: We're Not Feeling So Bubly About PEP's Q2 Fundamentals." The analyst keeps a Market Perform rating on PepsiCo with a $107 price target.
07/09/18
RBCM
07/09/18
NO CHANGE
Target $111
RBCM
Sector Perform
PepsiCo to remain constrained by troubled Beverage business, says RBC Capital
RBC Capital analyst Nik Modi previews Q2 results for PepsiCo, saying he expects the trends of troubled North America Beverage business and poor earnings quality that have been on display over the past few quarters to persist. Modi further warns that FX and cost increases will worsen in this quarter, while the operating environment becomes more uncertain because of the threat of trade wars. The analyst keeps his Sector Perform rating and $111 price target on PepsiCo.

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