PepsiCo: net revenues up 5.3%
Ramon Laguarta: "Expression of resilience of our teams in every continent"
The PepsiCo company reported a 5.3% increase in net revenue for the third quarter of 2020, reflecting the continued production of snacks and the significant improvement in its global beverage business. In total, the company reported net revenues of $ 18.09 billion in the third quarter, up from last year's $ 17.19 billion.
The restrictions from Covid-19, and most of the time spent at home, have prompted consumers to buy more and more PepsiCo snacks, driving the net revenue of the Frito-Lay North America sector to record a 7% increase. A further 6% increase in net revenues is due to the increase in sales of breakfast products. In addition, PepsiCo beverages North America saw its net revenues increase by 6%.
Earlier this month, PepsiCo began construction of a new Lay potato chip manufacturing facility in Russia, the third for making savory snacks in the country. The company's Europe division recorded a 3% increase in net revenues, while in Latin America they decreased by 13%. The company's unity in Africa, the Middle East and South Asia saw a 31% increase, and the Asia Pacific, Australia and New Zealand and China regions also increased revenues by 15%.
Company President and CEO Ramon Laguarta said: "Despite the continued volatility and complexity in our operating environment, I believe that the company's third quarter performance is an expression of the resilience and agility of our teams on every continent and demonstrates our ability to support customers and communities during their times of need, while also delivering good results for our shareholders". Given its corporate performance since the beginning of the year, PepsiCo expects to achieve organic revenue growth of 4% by 2020.
EFA News - European Food Agency