PepsiCo Q1 Earnings Preview: Can Beverage Giant Keep Streak Of EPS Beats Alive? One Analyst Cautions On Salty Snacks

Beverage and food giant PepsiCo Inc PEP is set to report first-quarter financial results before the market open Tuesday.

Here are the key earnings estimates and what analysts are saying ahead of the report.

Earnings Estimates: Analysts expect Pepsi to report first-quarter revenue of $18.08 billion, according to estimates from Benzinga Pro.

The company reported revenue of $17.85 billion in last year's first quarter. Pepsi beat revenue estimates from analysts in nine of the past 10 quarters.

Analysts expect Pepsi to report first-quarter earnings per share of $1.52, compared to $1.50 reported in last year's first quarter. The company beat Street consensus estimates in 10 of the past 10 quarters.

Related Link: Pepsi Stock Chart Looks Bullish Ahead Of Q1 Earnings, But Analysts Are Cautious

What Analysts Are Saying: A Quaker recall and slowdown of salty snacks could impact the first quarter results from Pepsi, Wedbush analyst Gerald Pascarelli said in a new investor note.

"Based on measured channel reads, we are modestly trimming our 1Q revenue estimate for PEP due to a larger than expected slowdown in salty snacks," Pascarelli said.

The analyst, who has an Outperform rating and $195 price target, said the company could start 2024 with trends behind guidance for the full year.

"With international expected to continue to outperform domestic markets, we think the quarter should be fine and that PEP will reiterate its current organic sales and LC EPS guidance."

Here are other recent analyst ratings and price targets on Pepsi.

Barclays: Overweight rating, raised price target from $183 to $184

Jefferies: Buy rating, raised price target from $199 to $209

Morgan Stanley: Upgraded from Equal Weight to Overweight, had $190 price target

PEP Price Action: Pepsi shares were up 1.34% to $176.46 at market close Monday versus a 52-week trading range of $155.83 to $196.88. Shares of Pepsi are up 4% year-to-date in 2024.

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