百事可乐（PEP）报告了第四季度的混合，错过了收入估算，但击败了EPS目标

管理层强调了其零食业务Frito-lay北美的主要战略变化，该零食制造了诸如Lays，Cheetos和Doritos之类的流行产品。

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

百事可乐公司（Pepsico Inc.

Here are the key takeaways from the earnings call.

这是收益电话的关键收获。

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%.

北美北美有机收入下降：Frito-Lay北美（FLNA）在2024年和第四季度的有机收入下降。全年有机收入下降了0.5％，比2023年的9％增长显着下降。仅在第四季度，有机收入就下降了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.

管理层的说法，尽管有机收入下降，但FLNA的数量在第四季度依次增长，这是由于咸零食类别的出色表现所驱动。这是在第三季度的数量下降之后。

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210.9亿美元，而2023年为21.5亿美元。这包括有机收入下降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.

“建立基础设施以捕获这些机会”：百事可乐在第四季度重新投资于FLNA，部分由一次性增长资助，以振兴数量增长。这包括战术支出和2025年的战略基础。

“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.

该公司的董事长兼首席执行官拉蒙·路易斯·拉古塔（Ramon Luis Laguarta）在收入电话会议期间对分析师说：“我们重新投资了大部分的一次性收益，以在25杆中捕获这些机会。”

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.”

拉古尔塔说，该公司还强调价值不同的价格和包装尺寸的价值产品，并补充说，这是各个类别的存在，以及更健康的选择，例如钠较低，脂肪，更好的食材和植物性物品的产品。管理层正在向消费者的偏好解决“积极选择”和“允许产品”。

“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.

拉古尔塔说：“我认为，在围绕肥胖药物的对话以及其他与健康相关的话题的推动下，普遍对美国消费者对健康和健康的认识水平更高。”

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

“这种提高的意识也影响了消费者的行为，我们正在通过策略来解决。”

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.”

第四季度的销售失误，EPS击败估计：第四季度销售额略有预期，同比下降0.2％，至277.8亿美元，而预计预计为278.9亿美元。但是，调整后的每股收益为1.96美元，超过了$ 1.94的共识。”

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.

在下一个全年，百事可乐预测2025年的单位有机销售增长较低，预计北美会逐渐改善。他们重申了其长期目标有机销售增长和高单位单位EPS增长的长期目标。

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.

管理层强调，重组旨在提高国际增长和北美效率。百事可乐还说，尽管没有观察到直接影响，但它仍要注意宏观经济的不确定性和不断发展的消费者行为，包括减肥药物的潜在影响。

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