百事可樂（PEP）報告了第四季度的混合，錯過了收入估算，但擊敗了EPS目標

管理層強調了其零食業務Frito-lay北美的主要戰略變化，該零食製造了諸如Lays，Cheetos和Doritos之類的流行產品。

PepsiCo Inc. PEP reported a mixed fourth quarter on Tuesday, with a slight miss on revenue but a beat on earnings per share.

百事可樂公司（Pepsico Inc.

Here are the key takeaways from the earnings call.

這是收益電話的關鍵收穫。

Frito-Lay North America Organic Revenue Drops: Frito-Lay North America (FLNA) saw a decline in organic revenue for both the full year 2024 and the fourth quarter. Full-year organic revenue decreased by 0.5%, a significant drop from the 9% growth seen in 2023. In the fourth quarter alone, organic revenue was down 2%.

北美北美有機收入下降：Frito-Lay北美（FLNA）在2024年和第四季度的有機收入下降。全年有機收入下降了0.5％，比2023年的9％增長顯著下降。僅在第四季度，有機收入就下降了2％。

Despite the organic revenue decline, FLNA's volume grew sequentially in the fourth quarter, driven by strong performance in the salty snacks category, according to the management. This follows a volume decline in the third quarter.

管理層的說法，儘管有機收入下降，但FLNA的數量在第四季度依次增長，這是由於咸零食類別的出色表現所驅動。這是在第三季度的數量下降之後。

For the full year, FLNA's revenue decreased by 0.3% to $21.09 billion, compared to $21.15 billion in 2023. This includes a 0.5% decrease in organic revenue.

全年，FLNA的收入下降了0.3％，至210.9億美元，而2023年為21.5億美元。這包括有機收入下降0.5％。

'Building The Infrastructure To Capture Those Opportunities': PepsiCo reinvested heavily in FLNA in Q4, funded partly by one-time gains, to revitalize volume growth. This included tactical spending and strategic groundwork for 2025.

“建立基礎設施以捕獲這些機會”：百事可樂在第四季度重新投資於FLNA，部分由一次性增長資助，以振興數量增長。這包括戰術支出和2025年的戰略基礎。

“We reinvested most of the one-time gains in building the infrastructure to capture those opportunities in 25,” the chairman and CEO of the company, Ramon Luis Laguarta said in response to an analyst during the earnings call.

該公司的董事長兼首席執行官拉蒙·路易斯·拉古塔（Ramon Luis Laguarta）在收入電話會議期間對分析師說：“我們重新投資了大部分的一次性收益，以在25桿中捕獲這些機會。”

The company is also emphasizing value offerings at different price points and pack sizes, said Laguarta, adding that this is present across categories, along with healthier options like products with lower sodium, and fat, better ingredients, and plant-based items. The management is addressing consumer preferences for “positive choices” and “permissible offerings.”

拉古爾塔說，該公司還強調價值不同的價格和包裝尺寸的價值產品，並補充說，這是各個類別的存在，以及更健康的選擇，例如鈉較低，脂肪，更好的食材和植物性物品的產品。管理層正在向消費者的偏好解決“積極選擇”和“允許產品”。

“I think there’s a higher level of awareness in general of American consumers toward health and wellness, driven by conversations around obesity drugs, and other health-related topics,” Laguarta said, regarding increased awareness among consumers.

拉古爾塔說：“我認為，在圍繞肥胖藥物的對話以及其他與健康相關的話題的推動下，普遍對美國消費者對健康和健康的認識水平更高。”

“This increased awareness is also influencing consumer behavior, which we are addressing through our strategies.”

“這種提高的意識也影響了消費者的行為，我們正在通過策略來解決。”

Fourth-Quarter Sales Miss, EPS Beats Estimates: Fourth-quarter sales fell slightly short of expectations, decreasing by 0.2% year-over-year to $27.78 billion, compared to the projected $27.89 billion. However, adjusted EPS of $1.96 beat the $1.94 consensus.”

第四季度的銷售失誤，EPS擊敗估計：第四季度銷售額略有預期，同比下降0.2％，至277.8億美元，而預計預計為278.9億美元。但是，調整後的每股收益為1.96美元，超過了$ 1.94的共識。”

For the next full year, PepsiCo projects low single-digit organic sales growth for 2025, anticipating a gradual improvement in North America. They reaffirmed their long-term targets of 4-6% organic sales growth and high single-digit EPS growth.

在下一個全年，百事可樂預測2025年的單位有機銷售增長較低，預計北美會逐漸改善。他們重申了其長期目標有機銷售增長和高單位單位EPS增長的長期目標。

Restructuring efforts aim to boost international growth and North American efficiency, the management highlighted. PepsiCo also said that it is mindful of macroeconomic uncertainties and evolving consumer behavior, including the potential impact of weight loss drugs, though no direct impact has been observed.

管理層強調，重組旨在提高國際增長和北美效率。百事可樂還說，儘管沒有觀察到直接影響，但它仍要注意宏觀經濟的不確定性和不斷發展的消費者行為，包括減肥藥物的潛在影響。

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