PepsiCo's Higher Productivity Key To Navigating Slower Sales Growth, BofA Analyst Remains Bullish
PepsiCo's Higher Productivity Key To Navigating Slower Sales Growth, BofA Analyst Remains Bullish
PepsiCo's assumption and guidance imply that 2024 adjusted EPS of at least $8.15 (consensus $8.15) will be a 7% increase year over year.BofA Securities analyst Bryan D. Spillane expresses views on PepsiCo, Inc.'s (NASDAQ:PEP) mixed third-quarter results reported on Tuesday.
美銀證券分析師Bryan D. Spillane對百事可樂公司（納斯達克：PEP）週二發佈的混合第三季度業績表達觀點。
Today, the company reported adjusted EPS of $2.31, which beat the consensus estimate of $2.29, while revenue of $23.319 billion missed the consensus estimate of $23.825 billion.
今天，該公司報告調整後的每股收益爲2.31美元，超過了2.29美元的共識估計，而營業收入爲233.19億美元，低於238.25億美元的共識估計。
For 2024, PepsiCo expects a low-single-digit increase in organic revenue (previously ~4%) and continues to expect at least an 8% increase in core constant currency EPS.
到2024年，百事可樂預計有機營業收入將略有增長（此前約爲4%），並繼續預計核心恒定貨幣每股收益至少增加8%。
PepsiCo's assumption and guidance imply that 2024 adjusted EPS of at least $8.15 (consensus $8.15) will be a 7% increase year over year.
百事可樂的假設和指引意味着2024年調整後的每股收益至少爲8.15美元（共識8.15美元），同比增長7%。
Spillane notes that the second half of the year typically accounts for over half of total revenue, and the guidance suggests organic growth of -1% to +3% in the fourth quarter.
Spillane指出，一年的下半年通常佔總營業收入的一半以上，而該指引暗示第四季度有機增長爲-1%至+3%。
The analyst writes that PEP is likely relying on higher productivity than initially planned to maintain its reiterated EPS, despite lowering its organic sales guidance.
該分析師指出，百事可樂很可能依靠更高的生產力來維持其調整後的每股收益，儘管降低了有機銷售指引。
However, the volume performance in the third quarter indicates a possible need for additional support next year, adds the analyst.
然而，第三季度的成交量表現暗示明年可能需要額外支持，分析師補充道。
The analyst writes that with remedial actions addressing volume weakness now in place, he expects the stock to perform well if market share improves.
該分析師寫道，通過採取解決成交量疲軟的補救措施，如果市場份額改善，他預計股票表現將良好。
The analyst says that PEP's premium valuation of 20x over non-alcoholic beverage peers is justified by its strengthened position and pricing power amid ongoing inflationary pressures.
分析師表示，PEP對非酒精飲料同行的20倍溢價定價是合理的，這得益於其在持續通脹壓力下加強的地位和定價權。
The analyst maintains the Buy rating and $185 price target.
該分析師維持買入評級，目標價爲185美元。
Investors can gain exposure to the stock via iShares U.S. Consumer Staples ETF (NYSE:IYK) and First Trust Nasdaq Food & Beverage ETF (NASDAQ:FTXG).
投資者可以通過iShares美國必備消費etf (紐交所：IYK) 和First Trust納斯達克食品飲料etf (納斯達克：FTXG)獲得該股票的曝光。
Price Action: PEP shares are up 0.89% at $168.69 at the last check Tuesday.
股價走勢：百事可樂股票在週二最後檢查時上漲0.89%，報168.69美元。
Image via Shutterstock
圖片來自shutterstock。
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譯文內容由第三人軟體翻譯。
