HALISTER: PepsiCo Reiterates Yr Core EPS View After 1Q Beats By 8c

(Bloomberg) -- PepsiCo reiterates yr core EPS forecast $4.66 (given Feb. 11), vs est. $4.71.

Still sees ~4% yr organic rev. growth, excluding impact of 53rd week
Still sees yr net capex ~$3b, over $10b in cash flow from operating activities, >$7b in FCF (excluding certain items)
Sees returning ~$7b to shareholders through divs. ($4b), buybacks ($3b) in 2016
1Q core EPS 89c vs est. 81c (range 78c-84c)
1Q rev. $11.9b vs est. $11.9b (range $11.5b-$12.2b); FX had 4.5ppt unfavorable impact on reported rev., Venezuela deconsolidation hurt by 2ppts
1Q organic rev. growth up 3.5%
1Q total PEP organic vol. snacks +1.5%, Bev. +3%
1Q core gross margin expanded 130bps; core operating margin increased 165bps
Segment organic rev./organic vol. results:
- FLNA +4%/+1%
- QFNA -2%/-2%
- NAB +2%/+1%
- LatinAmer +9%/Snacks vol. +3%, Bev. +3%
- ESSA +2%/Snacks +1%, Bev +2%
- AMENA +8%/Snacks +6%, Bev. +5%
Call 8am, 800-540-4194 pw 80126192
See PREVIEW PEPSICO 1Q: Focus on FX Impact, CSD Pricing, Rev. Mgmt

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Source: BFW (Bloomberg First Word)

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