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4-Traders Homepage  >  Equities  >  Nyse  >  Coca-Cola Enterprises Inc    

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PepsiCo, Coke Enterprises beat Wall Street views

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04/26/2012 | 05:03pm CEST

PepsiCo Inc (>> PepsiCo, Inc.) and Coca-Cola Enterprises (>> Coca-Cola Enterprises Inc) reported higher-than-expected quarterly profits, helped by price increases on sodas, and stood by their full-year forecasts.

PepsiCo Inc (>> PepsiCo, Inc.) and Coca-Cola Enterprises (>> Coca-Cola Enterprises Inc) reported higher-than-expected quarterly profits, helped by price increases on sodas, and stood by their full-year forecasts.

For PepsiCo, 2012 is a transition year as it ramps up marketing, cuts thousands of jobs and streamlines its portfolio to improve its performance, especially in its North American drink business.

"As the year progresses, quarter by quarter, you'll start seeing the business strengthen," PepsiCo Chief Executive Indra Nooyi said on a conference call on Thursday.

Though its results beat expectations, PepsiCo shares fell slightly in morning trading on the New York Stock Exchange, dropping 0.2 percent to $66.50.

"Expectations were low and sentiment is still fairly negative," said JP Morgan analyst John Faucher. "We don't think that most skeptics will be convinced yet."

PepsiCo, maker of Frito-Lay snacks, Quaker oatmeal and Tropicana orange juice, said results were in line with its own expectations in the quarter, during which commodity cost inflation was at the highest rate expected for the year.

The company said it made progress on a range of initiatives in the first quarter, including innovation and advertising.

It launched Pepsi Next, a mid-calorie cola that it said is performing better than expected. It also boosted spending on media advertising by 25 percent. Overall, marketing spending as a percentage of sales is expected to rise by half a percentage point to 5.7 percent this year.

Like most food and beverage companies, PepsiCo and Coke Enterprises raised prices to offset higher commodity costs. But those price increases can often hurt sales volume.

PepsiCo said net income was $1.13 billion, or 71 cents per share, in the first quarter, down slightly from $1.14 billion, or 71 cents a share, a year earlier.

Excluding items, earnings were 69 cents per share, in line with management's expectations, but 2 cents more than analysts' estimates, according to Thomson Reuters I/B/E/S.

Net revenue grew 4 percent to $12.43 billion, driven by price increases. Currency exchange rates reduced revenue growth by 1 percentage point.

Volume rose 2 percent in the company's Americas Foods unit as strength in Latin America offset declines at the North American units of Frito-Lay and Quaker Foods. The Americas Beverages unit's volume fell 1 percent.

PepsiCo stood by its 2012 outlook for earnings to drop 5 percent from $4.40 a share in 2011. It expects net revenue growth in the low single-digit percentage range this year.

Also on Thursday, Coke Enterprises reported first-quarter earnings of 36 cents per share, topping analysts' average estimate of 33 cents, according to Thomson Reuters I/B/E/S.

The company, which bottles Coca-Cola Co (>> The Coca-Cola Company) drinks in Europe, affirmed its full-year forecast for earnings per share to grow about 10 percent.

Coke Enterprises shares were down 0.3 percent at $29.05 in morning trading on the New York Stock Exchange.

(Editing by Lisa Von Ahn and Bernadette Baum)

By Martinne Geller

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Financials ($)
Sales 2016 11 721 M
EBIT 2016 1 572 M
Net income 2016 846 M
Debt 2016 6 655 M
Yield 2016 1,94%
P/E ratio 2016 20,20
P/E ratio 2017 16,58
EV / Sales 2016 2,14x
EV / Sales 2017 2,02x
Capitalization 18 430 M
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Consensus 
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 44,8 $
Spread / Average Target 17%
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Managers
NameTitle
John Franklin Brock Chief Executive Officer & Director
Sol Daurella Comadrán Chairman
Damian Paul Gammell Chief Operating Officer
Manik H. Jhangiani Chief Financial Officer
Yahya Esat Sezer Chief Information Officer
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Sector and Competitors
1st jan.Capitalization (M$)
COCA-COLA ENTERPRISES ..-19.78%18 430
PEPSICO, INC.8.29%155 717
FOMENTO ECONOMICO MEXI..9.23%31 358
COCA-COLA EUROPEAN PAR..-22.40%18 430
COCA-COLA FEMSA, S.A.B..23.42%5 283
COCA-COLA WEST CO LTD17.92%3 015
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