PepsiCo Inc. (PEP) Q3 2020 Earnings Call Transcript

PepsiCo Inc.  (NASDAQ: PEP) Q3 2020 earnings call dated Oct. 01, 2020

Corporate Participants:

Ravi Pamnani — Senior Vice President, Investor Relations

Ramon L. Laguarta — Chairman and Chief Executive Officer

Hugh Johnston — Vice Chairman and Chief Financial Officer


Dara Mohsenian — Morgan Stanley — Analyst

Andrea Teixeira — JPMorgan — Analyst

Bonnie Herzog — Goldman Sachs — Analyst

Bryan Spillane — Bank of America-Merrill Lynch — Analyst

Nik Modi — RBC Capital Markets — Analyst

Lauren Lieberman — Barclays Investment Bank — Analyst

Kaumil S. Gajrawala — Credit Suisse — Analyst

Robert Ottenstein — Evercore ISI — Analyst

Steve Powers — Deutsche Bank — Analyst

Kevin Grundy — Jefferies — Analyst

Laurent Grandet — Guggenheim — Analyst

Grant — Truist Securities — Analyst


Ravi Pamnani — Senior Vice President, Investor Relations

Good morning, everyone, and welcome to this pre-recorded management discussion of PepsiCo’s Third Quarter Earnings Results. My name is Ravi Pamnani, and I am the Senior Vice President of Investor Relations at PepsiCo. Joining me today are PepsiCo’s Chairman and CEO, Ramon Laguarta; and PepsiCo’s Vice Chairman and CFO, Hugh Johnston.

Before we begin, please take note of our cautionary statement. We will make forward-looking statements on today’s call, including about our business plans and 2020 guidance and the potential impact of the COVID-19 pandemic on our business. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 1, and we are under no obligation to update.

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to today’s earnings release and 10-Q, available on, for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

As a reminder, our financial results in the United States and Canada, or North America, are reported on a 12-week basis, while substantially all of our international operations report on a monthly calendar basis, for which the months of June, July and August are reflected in our results for the 12 weeks ended September 5, 2020.

And now, it’s my pleasure to introduce our Chairman and CEO, Ramon Laguarta.

Ramon L. Laguarta — Chairman and Chief Executive Officer

Thank you, Ravi, and good morning, everyone. My agenda today will include a detailed discussion of our business performance and a reiteration of the guiding principles and priorities on becoming a faster, stronger and better Company. I will then turn it over to Hugh for additional perspectives on our financial…

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