PepsiCo emphasises growth “acceleration” with new CFO on board

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Walmart executive Steve Schmitt, who he said will “play a crucial role as we accelerate growth”.Schmitt is set to join the US-based food and drinks giant on 10 November to replace the retiring Jamie Caulfield, a 30-year veteran of the Cheetos snacks and Gatorade beverages owner.Pace was the theme in today’s twin announcements.Commenting on the third-quarter figures, Laguarta said: “Our reported net revenue growth accelerated and reflects the resilience of our international business, improved momentum within North America Beverages [PBNA] and the benefits of our portfolio reshaping actions.“As we look ahead to the balance of this year and beyond, our top priorities are to accelerate growth and aggressively optimise our cost structure.”However, just over a month since activist investor Elliott Management called for “a more focused, streamlined” business, PepsiCo’s volumes remained under pressure in the third quarter across food and drinks, averaged out across its reporting segments and regions.Building on his previous remarks, Laguarta said: “To accomplish this, we are introducing a strong pipeline of innovation to accelerate portfolio transformation, continuously sharpening our price-pack architecture to provide good value to consumers, and right-sizing our entire cost base to help fund our activities.”PepsiCo’s reported revenue growth was 2.6% in the third quarter, compared to 1% in the prior three months and a negative 0.6% at the same time last year.In organic terms, 1.3% growth was delivered, matching the pace in the same quarter of fiscal 2024 and marking a slowdown from 2.1% in the second quarter.The Doritos snacks and Pepsi Max soft drinks maker reiterated expectations for a low-single-digit increase in organic revenue over the full year.Group volumes, meanwhile, fell by an average of 1% for each of PepsiCo’s convenient foods products and beverages businesses.Breaking volumes down, PepsiCo Foods North America (PFNA) posted a 4 decline and PBNA a 3% decrease. Its international franchise drinks business saw a 1% drop.For Europe, Middle East and Africa (EMEA), convenient foods volumes fell 1% but were up 1.5% for beverages.In Latin America, food volumes were flat but increased 3% in Asia Pacific.Elliott Management, which manages funds with a $4bn stake in PepsiCo, said in September that the company should weigh up the potential refranchising of its drinks bottling network in North America and review its beverage portfolio in the region to make that side of the business less complex.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,805.00 +3.75 (+0.06%)Dow Futures46,859.00 -8.00 (-0.02%)Nasdaq Futures25,332.25 +1.25 (+0.00%)Russell 2000 Futures2,497.60 -1.90 (-0.08%)VIX16.37 +0.07 (+0.43%)Gold4,070.60 +0.10 (+0.00%)PortfolioSign in to access your portfolioSign inTop gainersDGNX Diginex Limited 30.99 +6.79 (+28.06%)NTLA Intellia Therapeutics, Inc. 24.47 +4.03 (+19.72%)APGE Apogee Therapeutics, Inc. 47.24 +7.51 (+18.90%)FIG Figma, Inc. 71.08 +10.24 (+16.83%)RXRX Recursion Pharmaceuticals, Inc. 6.09 +0.86 (+16.44%)Top losersFICO Fair Isaac Corporation 1,695.01 -184.54 (-9.82%)OPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)JOBY Joby Aviation, Inc. 17.37 -1.54 (-8.14%)JEF Jefferies Financial Group Inc. 54.44 -4.66 (-7.88%)AAP Advance Auto Parts, Inc. 52.59 -4.25 (-7.48%)Most activeOPEN Opendoor Technologies Inc. 8.49 -0.80 (-8.61%)BULL Webull Corporation 12.66 -0.14 (-1.09%)RGTI Rigetti Computing, Inc. 43.23 -0.67 (-1.51%)AMD Advanced Micro Devices, Inc. 235.56 +24.05 (+11.37%)PLUG Plug Power Inc. 3.6550 -0.2150 (-5.56%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 189.11 +4.07 (+2.20%)DAL Delta Air Lines, Inc. 57.12 +0.49 (+0.87%)PEP PepsiCo, Inc. 138.84 -1.95 (-1.39%)PATH UiPath Inc. 15.58 +0.76 (+5.13%)COST Costco Wholesale Corporation 914.80 0.00 (0.00%)Top economic events