PepsiCo Inc beat market expectations for quarterly revenue on Thursday, helped by homebound consumers adding more sodas, salty chips and oatmeal to their pantries.
Consumers have been stocking up sodas and snacks as they work from home even as some malls, theaters and restaurants partially reopen against the backdrop of speedy inoculations.
Sales of snacks under the company’s Frito-Lay North America unit jumped 4%, while those of sodas and other beverages surged 5% in North America, its biggest market.
According to IBES data from Refinitiv, net revenue rose 6.8% to $14.82 billion in the first quarter ended March 20, above analysts’ average estimate of $14.55 billion.
Net income attributable to the company jumped to $1.71 billion, or $1.24 per share, from $1.34 billion, or 96 cents per share, a year earlier.