PepsiCo seres FY18 Core EPS of $5.65, consensus $5.69
Sees FY18 revenue growth of at least 3%. Based on current market consensus rates, foreign exchange translation to have a 1 percentage point negative impact on reported net revenue and earnings per share growth. A core effective tax rate between 19 and 20 percent, reflecting benefits of the TCJ Act. Approximately $9 billion in cash from operating activities and free cash flow of approximately $6 billion, which now assumes net capital spending of approximately $3.3 billion and a discretionary pension contribution of $1.4 billion. The company continues to expect Core constant currency EPS growth of 9%; The benefit of the TCJ Act to be substantially reinvested in initiatives to benefit the company's U.S.-based front line workforce and to otherwise increase the company's capabilities; Total cash returns to shareholders of approximately $7 billion, total dividends to shareholders of approximately $5 billion and share repurchases of approximately $2 billion.