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Pepsi Misses Slightly On Q4 Net Rev, Guides For Slower Growth In FY24

CONSUMER CYCLICALS


  • Pepsi look to have beat on Q4 bottom line earnings despite a close to 2% miss on net revenue with slight misses across most segments and regions.
  • FY24 guidance of 4% org revenue growth (vs. 9.5% this year and consensus of 5.2%, previous guidance was for upper end of 4%-6% target) and at least 8% core EPS growth (vs. 14% this year, previous guidance was for upper end of high-single digit percentage increase).
  • Most EUR spreads are muted DoD.

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