North American Beverages Weigh on Pepsi’s Otherwise Solid Performance in First Quarter; Shares Cheap
While Pepsi’s food and snacks business posted strong results in the first quarter (with organic volumes up 3%), the North American beverage business continued to be a drag on its top line (with volumes declining for the third quarter in a row). However, our view of the firm’s wide moat remains unchanged, and we contend management’s heightened focus on restoring growth in the North American beverage portfolio, ongoing innovation in the snack and noncarbonated beverage categories, and strong perfo...PepsiCo is a food and beverage company. The company's segments include: Frito-Lay North America, which includes food and snack businesses in the United States and Canada; Quaker Foods North America, which includes cereal, rice, pasta and other food businesses in the United States and Canada; PepsiCo Beverages North America, which includes beverage businesses in the United States and Canada; Latin America, which includes beverage, food and snack businesses in Latin America; Europe, which includes beverage, food and snack businesses in Europe; and Africa, Middle East and South Asia, which includes beverage, food and snack businesses in Africa, the Middle East and South Asia.
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