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Updated version 2 - PepsiCo to cut costs as weak North American business drags down core profit outlook

Reuters, October 8 – PepsiCo (PEP.O) lowered its annual core profit forecast on Thursday and announced further cost-cutting initiatives, warning that efforts to restore growth and profitability in its key North American business are taking longer than expected. This highlights broader challenges in the packaged food industry, where companies like General Mills (GIS.N), McCormick (MKC.N), and Conagra Brands (CAG.N) are increasing promotions and pricing initiatives to stimulate demand while managing rising input costs. PepsiCo CEO Ramon Laguarta stated, "We are developing additional structural cost reduction measures that will be implemented in the coming months to fund investments aimed at accelerating organic revenue growth and mitigating the impact of rising input cost inflation." PepsiCo has been struggling with sluggish performance in its North American business. In the third quarter ended September 5, snack volumes were flat, while beverage volumes declined by 2% compared to the previous year. Despite price reductions of up to 15% for products such as Lay's and Doritos in February, the segment remains a weak spot. Last month, PepsiCo announced it would raise prices for some U.S. products to offset rising costs and improve profitability in North America—a region where profit margins have been hit by affordability initiatives, increased marketing spending, and weak demand. Since Elliott Investment Management disclosed a stake worth about $4 billion in the company last year, PepsiCo has been under pressure to revitalize its carbonated beverage business, boost its stock price, and explore the sale of non-core food assets. Following consultations with Elliott, PepsiCo announced in December it would review its North American supply chain and implement aggressive cost-cutting measures. CFO Steve Schmitt said in prepared remarks, "In North America, we remain committed to improving growth and core operating margin, though it is taking longer than planned." PepsiCo shares rose about 1% in premarket trading. The company now expects core earnings per share growth of 1% to 2% on a currency-neutral basis for fiscal 2026, down from a previously forecast low end of 4% to 6%. Organic revenue is now expected to grow about 3%, compared to a prior forecast of 2% to 4%. According to data compiled by London Stock Exchange Group (LSEG), the company’s quarterly revenue rose 5.6% to $25.27 billion, above analysts’ expectations of $24.96 billion. Quarterly core earnings per share were $2.34, also exceeding the forecast of $2.29. (Reuters provides automated translations of its reports in several other languages for the convenience of non-English speakers. Automatic translations may contain inaccuracies or fail to convey required context. Reuters does not guarantee the accuracy of translations and provides them solely for readers’ convenience. Reuters takes no responsibility for any damages or losses resulting from use of its automated translation features.)

Updated version 1 - PepsiCo will cut costs as weak North American business weighs on annual core profit outlook

The third paragraph adds comments from the CEO, and the fourth paragraph provides information on stock price trends. Reuters, October 8 - PepsiCo (PEP.O) announced on Thursday that, due to weak snack and beverage demand in North America and rising input costs, it has lowered its annual core profit forecast and will further advance cost-cutting measures. Consumer goods manufacturers such as PepsiCo, General Mills (GIS.N), McCormick (MKC.N), and Conagra Brands (CAG.N) are facing a challenging operating environment: soaring raw material costs are squeezing profit margins, and rising gasoline prices are prompting consumers to be cautious with their spending, thereby dampening demand. “We are developing additional structural cost reduction measures, which will be implemented in the coming months to support investments aimed at accelerating organic revenue growth and mitigating the impact of input cost inflation,” CEO Ramon Laguarta stated in the announcement. The company’s shares rose about 1% in pre-market trading. The company expects that, after adjusting for currency fluctuations, fiscal 2026 core earnings per share will rise between 1% and 2%, lowered from the previous forecast of a 4% to 6% increase at the low end. In addition, the company expects annual organic revenue to grow by roughly 3%, compared to its previous forecast range of 2% to 4%. (For the convenience of non-English speakers, Reuters has automatically translated this report into several other languages. Automated translations may contain errors or may lack necessary context, and Reuters does not guarantee the accuracy of automated translation texts, which are provided for convenience only. Reuters accepts no liability for any damage or loss arising from the use of the automated translation feature.)

McCormick director Gavin Hattersley acquires $44,610 in common shares

McCormick director Gavin Hattersley bought 1,000 shares of common stock – non voting at $44.61. His holdings in the class rose to 3,906 shares. He reported 406 shares of common stock – voting. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. McCormick & Company Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0000063754-26-000331), on October 05, 2026, and is solely responsible for the information contained therein.

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