PepsiCo lowered its organic revenue forecast for the year after U.S. consumers continued to pull back on buying its snacks and drinks.
The company, based in Purchase, New York, said Tuesday it now expects its organic revenue — which is adjusted for foreign currency exchanges and the impact of product acquisitions or divestments – to increase in the low single-digit range for the year. It had expected an increase of 4%.
Revenue was flat in the third quarter, at $23.3 billion. Wall Street had expected revenue of $23.8 billion, according to analysts polled by FactSet.
Net income fell 5% to $2.9 billion, or $2.13 per share. That was also short of analysts’ forecast of $2.28.