Is PepsiCo's Frito-Lay division outperforming beverages in 2024?

**PepsiCo's Frito-Lay division is not outperforming its beverages division in 2024 based on the available financial data.** Here's a detailed analysis:

1. **Revenue Comparison**:
- Frito-Lay North America's net revenue increased by 2% year-over-year to $5.87 billion.
- PepsiCo Beverages North America's net revenue climbed 1% year-over-year to $3.97 billion.
- Latin America's net revenue surged by 16% year-over-year to $3.05 billion.
- Europe's net revenue grew by 3% year-over-year to $3.52 billion.
- Frito-Lay's revenue growth of 2% surpasses PepsiCo Beverages' 1% growth, but Latin America's 16% growth outpaces both divisions.
2. **Organic Revenue Growth**:
- Frito-Lay's organic revenue growth was not specifically mentioned in the report period.
- PepsiCo Beverages' organic revenue grew by 2.7%.
- Latin America's organic revenue growth was not provided, but its total revenue growth of 16% is significant.
3. **Operating Income Comparison**:
- Frito-Lay's operating income for the quarter was $1.64 billion, which is slightly below the current estimate of $1.61 billion.
- PepsiCo Beverages' operating income was not specifically mentioned in the report period.
- Latin America's operating income increased by 3.3% to $2.7 billion.
4. **Market Trends and Strategies**:
- Frito-Lay has faced a 0.5% decline in revenues and a 0.5% drop in net revenues quarter-over-quarter, indicating a subdued performance due to higher prices and inflation.
- PepsiCo Beverages has not been affected by the same decline in revenues as Frito-Lay but has seen a slight increase in net income and operating profits compared to the previous quarter.
- Latin America's strong revenue growth is likely due to its strategic expansion and market penetration.

In conclusion, while Frito-Lay has shown a positive revenue growth, it is outperformed by the significant growth in Latin America. PepsiCo Beverages maintains a steady growth trajectory but does not surpass Frito-Lay in terms of revenue growth in this period.