PepsiCo delivers solid 2nd-quarter revenue and EPS performance

PepsiCo Inc. on July 20 reported solid top- and bottom-line results for the second quarter of 2010, driven by the acquisition of its two anchor bottlers, broad-based gains across its snack and beverage portfolio in key international markets, disciplined investments in strategic initiatives and prudent cost controls.

"We posted a solid second quarter, exceeding our core constant currency EPS growth target for the first half of the year," said PepsiCo chairman and CEO Indra Nooyi. "Our results reflect our ability to generate sustainable growth across a global snack and beverage portfolio despite continued macroeconomic challenges. In line with our plan, our bottler integration is on track and unlocking opportunities and efficiencies. We continue to make investments in near- and long-term opportunities across both our developed and emerging markets, and I'm very pleased that we've taken a disciplined approach to our activities in North America. All of these things give us confidence that we can generate strong, sustainable growth in the second half of 2010 and beyond."

PepsiCo chief financial officer Hugh Johnston said: "We are benefiting from both the acquisition of our anchor bottlers earlier this year and from improving trends across our global business. As planned, we have stepped up incremental investments around the world to capitalize on untapped consumer demand, including investments in marketplace infrastructure to support both our expanding China beverage business and innovation across our global snacks portfolio. We remain confident in our ability to meet our full-year core constant currency EPS target of 11 to 13 percent."