Over the weekend, PepsiCo confirmed it would move its listing to the NASDAQ, ending a near 100-year relationship with the New York Stock Exchange. According to the NYSE, the group was originally listed as Loft Inc. with an initial listing date of 18 December 1919. PepsiCo’s shares will now start trading on the NASDAQ as of 20 December 2017, where it will join some of the world’s most valuable listed companies. The main reason for the move is PepsiCo’s anticipation that it will achieve greater cost-effectiveness and enjoy access to the NASDAQ’s unique portfolio of tools and services, which will assist the group in connecting with its investors more efficiently.
PepsiCo added 0.91% on Wednesday despite the group releasing mixed quarterly results. During the period, revenues came in at $16.24bn, slightly lower than estimates of $16.31bn. This miss was partly due to weaker-than-expected North American beverage sales. Despite the disappointing revenue figure, cost cutting and productivity improvements helped the group to beat Wall Street’s earnings expectations. As a result, net income rose to $2.14bn, or $1.49 per share, up from the $1.99bn, or $1.37 per share, reported a year ago. On an adjusted basis, earnings stood at $1.48 per share, surpassing expectations of $1.43 per share.
PepsiCo released better-than-expected results on Tuesday, with the group surpassing estimates for both revenues and earnings. During the quarter, the group saw revenues increase by 2.1% to $15.71bn, slightly higher than expectations of an increase to $15.60bn. This slight uptick comes in spite of flat volumes and was mainly due to a 2% increase in revenue from the group’s North America beverage business. Overall, net income attributable to PepsiCo grew to $2.11bn, or $1.46 per share, up from the $2.01bn, or $1.38 per share, recorded a year ago. On an adjusted basis, earnings came in at $1.44 per share, beating expectations of $1.40 per share.
On Wednesday, PepsiCo released its latest quarterly results. The group beat estimates on both earnings and revenue. During the period, the group reported a 5% increase in net revenue to $19.52bn, just topping expectations of $19.51bn. The increase was primarily due to an 8% increase in net revenue from its North American beverages unit, which is PepsiCo’s biggest business. Furthermore, excluding items, earnings for the 4th quarter came in at $1.20 per share, higher than estimates of $1.16 per share. Lastly, the group forecast adjusted earnings of $5.09 per share for 2017, marginally lower than analysts’ expectations of $5.16 per share.
On Thursday, PepsiCo released its results for the 3rd quarter, with the group surpassing analysts’ expectations for both revenue and earnings. During the quarter, the group saw revenue decline by 1.9% to $16.03bn, down from $16.33bn a year ago, but better than expectations of a drop to $15.8bn. The decline in revenue was mainly attributable to weaker foreign currencies as well as the Venezuelan deconsolidation. Furthermore, the group saw its 3rd quarter profit triple to $1.99bn, higher than the $533mn reported a year ago. On a per share basis, PepsiCo reported adjusted earnings of $1.40 per share, surpassing estimates of $1.32 per share.
On Thursday, PepsiCo ended higher, up 1.48%, boosted by better-than-expected results for the 2nd quarter. For the period, revenue declined by 3.3% to $15.395bn, but was still higher than expectations of a decline to R15.37bn. The decline was mainly attributable to currency swings in the group’s Latin America, Europe and Sub-Saharan Africa divisions. In contrast, PepsiCo’s North American Beverages unit, its biggest business, saw its revenue increase by 1%. Overall, net income attributable to PepsiCo rose to $2.01bn, up from $1.98bn a year ago. Lastly, as a result, earnings per share, excluding some items, came in at $1.35, slightly higher than analysts’ expectations of $1.29.