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PEPSICO REPORTS FIRST QUARTER NET EARNINGS OF 28%
Published May 3, 1995
Despite "a continuing struggle" in their restaurant businesses, PepsiCo reported "strong" first quarter earnings that exceeded Wall Street estimates and led to the company's highest stock price in more than a year, according to this morning's N.Y. TIMES. The report, which had overall net earnings up 28% and operating profits up 14.3%, led to a $1 increase for Pepsi stock on the NYSE yesterday. Pepsi continues to do well in snack food and beverages, "but the restaurants are not a boon to them," according to Jesse Meyers, publisher of The Beverage Digest. Mountain Dew and Pepsi "led the company's domestic soft-drink segment" and Lipton teas and other non-carbonated's grew 25%. Also strong were Frito Lay snack products, up 17%. But despite two "splashy product introductions" of the stuffed crust at Pizza Hut, and Border Lights at Taco Bell, analyst Ron Paul said PepsiCo "still can't seem to get all of its three restaurant businesses going together at the same time," (Glenn Collins, N.Y. TIMES, 5/3). Salomon Brothers' Andrew Conway: "They're moving out of the woods, but the restaurant issues aren't behind them" (WALL STREET JOURNAL, 5/3).