Divine Capital Markets CEO Danielle Hughes says the tech sector and companies paying big dividends are solid areas to explore in the market. Capital Wealth Planning chief market strategist Jeff Saut later says the economy and earnings will perform better than investors currently predict.
PespsiCo Inc.’s second-quarter revenue declined as consumers stocked up on snacks and purchased fewer beverages amid COVID-19 blockades.
The Purchase, New York-based beverage and snack maker saw sales drop 3.1 percent from a year earlier to $ 15.95 billion, beating the $ 15.38 billion analysts polled by Refintiv expected. . Organic revenue, which represents foreign exchange and acquisitions, fell 0.3 percent.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| ENERGY | PEPSICO INC. | 134.91 | +0.45 | + 0.33% |
“Despite facing significant challenges and complexities as a result of the COVID-19 pandemic, our businesses performed relatively well during the quarter, with a remarkable level of resilience in our global snack and food business,” said the CEO of PepsiCo, Ramón Laguarta, in a statement. statement.
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Sales at the company’s snack division, Frito-Lay, increased 6.6 percent year-over-year to $ 4.27 billion, helping to mitigate the 6.6 percent decline seen in its North American beverage unit.
PepsiCo posted a second quarter profit of $ 1.65 billion, or an adjusted $ 1.32 per share. Wall Street analysts anticipated adjusted earnings of $ 1.25 per share.
The company previously suspended its outlook due to uncertainties caused by COVID-19.
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PepsiCo shares fell 1.62 percent through Friday, slightly below the 1.42 percent decline in the S&P 500.
