RTTNews | Jul 13, 2021 06:48AM EDT

06:48 Tuesday, July 13, 2021 (RTTNews.com) - Food and beverages major PepsiCo, Inc. (PEP) reported Tuesday that its second-quarter net income attributable climbed to $2.36 billion from last year's $1.65 billion. Earnings per share were $1.70, up 44 percent from $1.18 a year ago.

Core attributable net earnings were $2.39 billion or $1.72 per share, compared to $1.84 billion or $1.32 per share a year ago.

On average, 19 analysts polled by Thomson Reuters expected earnings of $1.53 per share for the quarter. Analysts' estimates typically exclude special

Net revenue grew 20.5 percent to $19.22 billion from $15.95 billion a year ago. Analysts were looking for revenues of $17.96 billion for the quarter. Organic revenue growth was 12.8 percent.

All segments reported higher revenues and operating profit, except Quaker Foods North America.

Looking ahead, Chairman and CEO Ramon Laguarta said, "Given the strength of our results, we now expect our full year organic revenue to increase 6 percent and core constant currency earnings per share to increase 11 percent."

For the year, the company now expects to deliver 6 percent organic revenue growth, versus the previous guidance of mid-single-digit growth, and 11 percent core constant currency earnings per share growth, compared to previous guidance of high-single-digit growth.

Regarding its restructuring initiatives, the company said it announced an expansion and extension of its Productivity Plan through the end of 2026. The company is extending target to deliver at least $1 billion in annual productivity savings through 2026.

In connection with this effort, The company now expects to incur pre-tax charges of approximately $3.15 billion, as compared to previous estimate of pretax charges of approximately $2.5 billion.

In pre-market activity on Nasdaq, PepsiCo shares were trading at $151.90, up 1.6 percent.

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