Food and beverage manufacturing giant PepsiCo reported its 2020 third quarter financial results on Wednesday, showing a considerable rebound to growth after a downtrodden Q2 during the height of global economic lockdowns in response to the COVID-19 pandemic.
PepsiCo — which owns brands Pepsi, Lays, Tropicana, Frito-Lay, Gatorade and Quaker, among others — said its Q3 revenue grew 5.3 percent year-over-year, compared to down 3.1 percent in Q2. Year-to-date, the company ended Q3 with sales up 3.0 percent, accelerating from up 1.7 percent at the end of Q2.
On an organic basis, Q3 sales were up 4.2 percent (-0.2 in Q2), with year-to-date organic sales up 3.0 percent.
"These results reflect the continued strength of our goal snacks and food business and a significant improvement in our global beverage business," said Ramon Laguarta, PepsiCo chairman and CEO.
By PepsiCo business unit in Q3:
- Frito-Lay North America organic sales were up 6 percent year-over-year. Food/Snack volume was up 2.5 percent.
- Quaker Foods North America organic sales were up 6 percent. Food/Snack volume was up 4 percent.
- PepsiCo Beverages North Ameirca organic sales were up 3 percent. Beverage volume was down 1 percent.
- Latin America organic sales were up 1 percent. Food/Snack volume was up 2 percent and Beverage was down 7 percent.
- Europe organic sales were up 7 percent. Food/Snack volume was up 4 percent and Beverage was up 11 percent.
- Africa, Middle East and South Asia organic sales were down 2 percent. Food/Snack volume was up 6 percent and Beverage was down 6 percent.
- Asia Pacific, China, Australia and New Zealand organic sales were up 5 percent. Food/Snack volume was up 7 percent and Beverage was up 6 percent.