Pepsico’s Net Income Falls 53% in Second Quarter
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Pepsico, the nation’s second-largest soft-drink company, said its second-quarter net income fell 53% from a year ago, when it had a one-time gain of $137 million from the sale of its North American Van Lines and Wilson Sporting Goods units. However, income from continuing operations edged up 1.2%.
Pepsico said net income for the three months ended June 14 came to $120.7 million, compared to $256.3 million a year ago. Revenue rose 11.8% to $2.166 billion from $1.937 billion.
“The fundamentals of all our businesses--soft drinks, snack foods and restaurants--continue strong,” said D. Wayne Calloway, chairman and chief executive of Pepsico, which is based in Purchase, N.Y.
Soft-drink earnings were up 11% on a 16% sales increase, the company said.
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