How did PEP's Q1 2024 earnings surprise the market?

PepsiCo's (PEP) Q1 2024 earnings report exceeded market expectations in terms of EPS but fell slightly short of revenue projections. 1. **Earnings Per Share (EPS) Analysis**: - PEP's estimated EPS for Q1 2024 was $1.52. - This EPS exceeded market expectations, as indicated by the fact that the company consistently surpasses Wall Street's bottom-line estimates. - The company's core EPS for the quarter was $1.78, which topped analysts' estimates of $1.72 per share. 2. **Revenue Analysis**: - The estimated revenue for Q1 2024 was $18.08 billion. - PepsiCo's reported revenue for the quarter was $27.85 billion, which missed the Zacks Consensus Estimate of $28.242 million. - Organic revenue growth for the quarter was 4.5%, which was below the expected 5.2% growth. 3. **Market Reaction and Outlook**: - Despite the revenue miss, PEP's stock has not shown significant negative impact, indicating a resilient market perception due to strong international demand and strategic price increases. - The company's diversified portfolio and performance in emerging markets have been key factors in its ability to grow despite challenges in the North American market. In conclusion, PepsiCo's Q1 2024 earnings exceeded market expectations in EPS but fell slightly short of revenue projections. The company's strong international performance and strategic initiatives have contributed to its robust financial results despite soft volumes in certain segments.