PepsiCo had a strong first quarter, with revenue and profit up across virtually all regions and product segments.
Net revenue stood at $16.2 billion, a 9.3% increase over the first quarter of 2021. Operating profit was $5.3 billion, a 128% increase, although much of that was attributable to the recent sale of PepsiCo’s juice business.
The good results were spread across PepsiCo’s product portfolio and geographical reach. The North America beverages unit saw increases of 13% in organic revenue and 21% in core operating profit. Frito-Lay had growth of 14% in organic revenue and 3% in core operating profit. Revenue and profit for Latin America, Europe, Africa and other regions were all up.
“For the first quarter, we delivered strong results which reflect our presence in growing, global categories and the investments we have made towards becoming an even faster, even stronger, and even better company with PepsiCo Positive (pep+) at the center of everything we do,” CEO Ramon Laguarta said in a statement.
