PepsiCo will report third-quarter results before market open on Thursday, with the market expecting revenue to grow 4.3% year on year, an improvement from the 2.7% increase recorded in the same quarter last year. The food and beverage company beat analysts' revenue expectations last quarter, reporting revenues of $24.18 billion, up 6.4% year on year, in a mixed quarter that saw gross margin come in line with analysts' estimates. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, though PepsiCo has missed Wall Street's revenue estimates multiple times over the last two years. Among consumer staples peers that have already reported, Constellation Brands delivered year-on-year revenue growth of 6.1%, beating analysts' expectations by 3.9%, while Conagra reported a revenue decline of 1.4%, in line with consensus estimates, and traded down 6.6% following the results. PepsiCo shares are down 9.1% over the last month, versus an average decline of 6.2% for the consumer staples group, and the stock heads into earnings with an average analyst price target of $148.64 compared to the current share price of $125.87.
PepsiCo IncPepsiCo is set to report Q3 results Thursday with revenue growth expected at 4.3%, a preview of its earnings event.
Conagra Brands, Inc.
Constellation Brands Inc Class A