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Pepsi Albertan
(Artur Widak/Getty Images)

Pepsi pops on Q2 earnings beat fueled by cost cuts and snacky revamps

Pepsi also forecast a smaller earnings dip this year as it focuses on more affordable pricing to keep shoppers loyal.

Nia Warfield

PepsiCo shares soared over 6% Thursday morning after the snacks and beverage giant topped Q2 earnings expectations even as overall name brand demand cools.

Adjusted earnings hit $2.12 per share, topping estimates of $2.03 by analysts polled on FactSet. Revenue came in at $22.73 billion, slightly ahead of forecasts even as overall food and beverage volumes continue to shrink in North America.

Pepsi Zero Sugar was a bright spot during the quarter, raking in double-digit volume growth. Pepsi is working on creating more value for customers with better price entry points and a revamp of its core snacks brands like Lay’s and Tostitos. It’s also staying the course on improving product visibility in-store and cutting costs. Pepsi shut down two of its food manufacturing plants during the latest quarter.

Looking ahead, Pepsi reaffirmed its full-year outlook of low single-digit organic revenue growth and now expects core EPS to decline 1.5% this year, a much smaller drop than the 3% it previously projected, thanks to changes in currency markets.

Despite today’s rally, Pepsi shares are still down about 4.5% year to date.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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