Pepsi's Classic Brands Fuel Profit Beat, Sending Shares Higher
- North American beverage unit helps boosts quarterly results
- Still, cautious CEO Laguarta holds full-year guidance steady
Cases of PepsiCo Inc. Pepsi brand soda and Mountain Dew brand soda.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Call it the nostalgia factor: PepsiCo Inc. is getting a boost from some of its classic brands.
The snack and beverage giant posted quarterly results that beat estimates, sending shares to the highest since at least 1980. The company’s sales growth was boosted by its key Frito-Lay operation and North American beverage unit, with its Pepsi soda line and Lay’s chips fueling the surge, according to Chief Financial Officer Hugh Johnston.