PepsiCo Q1 Results Climb, Top Estimates; Backs FY22 Core EPS Growth View, Lifts Revenue Growth View

Snack and beverage giant PepsiCo Inc. (PEP) reported Tuesday that its first-quarter net income attributable to the company surged to $4.26 billion from last year’s $1.71 billion. Earnings per share were $3.06, up 148 percent from $1.24 a year ago.

Core net income was $1.80 billion or $ 1.29 per share, compared to last year’s $1.68 billion or $1.21 per share.

On average, 18 analysts polled by Thomson Reuters expected earnings of $1.23 per share for the quarter. Analysts’ estimates typically exclude special items.

Net revenue climbed 9.3 percent to $16.20 billion from last year’s $14.82 billion. Analysts estimated revenues of $15.53 billion for the quarter. Organic revenue growth was 13.7 percent.

Looking ahead for fiscal 2022, the company continues to expect an 8 percent increase in core constant currency earnings per share. The company now expects a 2-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth.

The guidance now imply 2022 core earnings per share of $6.63, a 6 percent increase compared to 2021 core earnings per share of $6.26.

Further, the company now expects to deliver 8 percent organic revenue growth, compared to previous guidance of 6 percent for fiscal year 2022.

India approves two COVID vaccines for children under 12

BENGALURU (Reuters) – India has approved emergency use of Biological E’s COVID-19 vaccine Corbevax for children aged five to 12 and Bharat Biotech’s Covaxin for six to 12-year olds, the country’s health minister said bit.ly/3OF11Ly in a tweet on Tuesday.

General Electric Co Q1 Earnings Summary

Below are the earnings highlights for General Electric Co (GE):

Earnings: -$809 million in Q1 vs. $20 million in the same period last year.
EPS: -$0.74 in Q1 vs. $0.02 in the same period last year.
Excluding items, General Electric Co reported adjusted earnings of $262 million or $0.24 per share for the period.

Analysts projected $0.19 per share
Revenue: $17.04 billion in Q1 vs. $17.07 billion in the same period last year.

Tesco Clubcard shake-up could affect anyone with points or vouchers from next month

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The supermarket is understood to be set to stop distributing the automatic paper statements and vouchers via post, unless the customer specifically requests it. Express.co.uk has contacted Tesco asking for comment.

More to follow…

Pre-market Movers: LLNW, EKSO, ACON, LIAN, GWGH…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.40 A.M. ET).

In the Green

Ekso Bionics Holdings, Inc. (EKSO) is up over 15% at $2.83
LianBio (LIAN) is up over 9% at $5.20
FingerMotion, Inc. (FNGR) is up over 8% at $2.27

In the Red

Limelight Networks, Inc. (LLNW) is down over 19% at $5.69
Aclarion, Inc. (ACON) is down over 10% at $2.44
GWG Holdings, Inc. (GWGH) is down over 9% at $2.70
Nkarta, Inc. (NKTX) is down over 7% at $17.31
Sunshine Biopharma, Inc. (SBFM) is down over 6% at $3.75
Eliem Therapeutics, Inc. (ELYM) is down over 6% at $2.69

Tony Blair on How Russia’s War Will Change the World: A Virtual Event

The former British prime minister will speak with Peter Baker of The New York Times on May 2.

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Paccar Inc. Q1 Profit Climbs, Beats estimates

Paccar Inc. (PCAR) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line totaled $600.5 million, or $1.72 per share. This compares with $470.8 million, or $1.35 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $1.54 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.9% to $6.11 billion from $5.41 billion last year.

Paccar Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $600.5 Mln. vs. $470.8 Mln. last year.
-EPS (Q1): $1.72 vs. $1.35 last year.
-Analyst Estimate: $1.54
-Revenue (Q1): $6.11 Bln vs. $5.41 Bln last year.

Corning Sees Profitability Growing Faster Than Sales

Corning Incorporated (GLW) said its first quarter core sales grew 15% year over year, driven by strong sales growth in Optical Communications, Display Technologies, and Hemlock’s solar materials. Core EPS increased 20% year over year.

For the full year, the company raised its expectations for sales to exceed $15 billion, with sales growing at a high-single digit percentage and EPS growing up to a few percentage points faster than sales.

For the second quarter, Corning expects $3.7 billion to $3.9 billion in core sales with core EPS of $0.54 to $0.59.

For the first quarter, the company’s bottom line came in at $581 million, or $0.68 per share compared with $599 million, or $0.67 per share, a year ago. Excluding items, Corning Inc. reported adjusted earnings of $465 million or $0.54 per share for the period. Analysts on average had expected the company to earn $0.50 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.7% to $3.74 billion from $3.26 billion last year.

Shares of Corning were up 8% in pre-market trade on Tuesday.