PepsiCo (NASDAQ:PEP) posted its second quarter results on Tuesday reaffirming its financial targets for the year.
The multinational food, snack and beverage company said that net revenue was up 2.2% in the second quarter, with organic revenue growth at 4.5%.
The 4.5% growth in organic revenue for the second quarter beat expectations of a 4.4% increase.
Additionally, the company’s snacking division Frito-Lay North America saw a revenue increase of 4.5% over the period.
Frito-Lay is the American subsidiary of PepsiCo, selling potato chips and other snacks.
PepsiCo said that its outlook remains consistent with it previous guidance for 2019.
It continues to expect full-year organic revenue growth to be 4%, a core effective tax rate of roughly 21% and a decline in core constant currency EPS of approximately 1%.
Chairman and CEO Ramon Laguarta said that the company is “pleased with our results for the second quarter.” “While adverse foreign exchange translation negatively impacted our reported net revenue performance, our organic revenue growth was 4.5% in the quarter.”
“We are also pleased with the progress on our priorities to make PepsiCo a faster, stronger and better company by building new capabilities, strengthening our brands, adding capacity to grow and transforming our culture,” the Chairman and CEO added.
“Our performance for the first half and the progress we are making on our strategic priorities give us increased confidence in achieving the 2019 financial targets we communicated earlier this year.”
Last year, PepsiCo announced plans to purchase Sodastream in a $3.2 billion deal.
PepsiCo Executive Laxman Narasimhan was appointed new CEO of Reckitt Benckiser (LON:RB) last month.
Shares in PepsiCo, Inc. (NASDAQ:PEP) were trading at -0.35% as of 07:06 GMT-4.
