20 April 2009

PEP: Earnings Announcement 2009-1Q

PepsiCo, Inc., (NYSE: PEP) earned $0.72 per share during the 12 weeks that ended on 21 March 2009, which was the first quarter of the company's fiscal 2009.  This was much better than we had expected, and the good news is primarily due to significantly lower Cost of Goods Sold.

PepsiCo also announced it would offer to buy the shares it does not already own in Pepsi Bottling Group, Inc. (NYSE: PBG) and PepsiAmericas (NYSE: PAS), which are its two largest bottlers.

The spreadsheet below compares the actual results to our Income Statement model of PepsiCo.  Please note that our arrangement of data may differ in material respects from the company's presentation.

We will post a thorough evaluation soon.


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