PepsiCo (PEP) reported first-quarter results above expectation, with significant international growth offsetting struggles from the Quaker Foods div💜ision, but shares slipped in intraday trading Tuesday.

The company's core financial metrics increased year-over-year and came in above analyst estimates compiled by Visible Alpha. PepsiCo generated $18.25 billion in revenue for the quarter, above an expected $18.08 billion.

PepsiCo also posted an adjusted profit of $2.22 billion, or $1.61 per share, above es♕timates of $2.1 billion and $1.52 per share. In the first quarter of 2023, PepsiCo reported revenue of $17.85 billion, with adjusted income of $2.07 billion and $1.50 per share.

The company attributed its revenue bump to the substantial growth in its international segments, which more than offset the negative impacts of recalls on Quaker products earlier this year. A production facility associated with the recall is set to be closed, and the company said production has resumed on some of the products in the recall, which included granola bars and cereals.

In prepared remarks, executives said they expect the impacts of the recall to reduce over the course of the year as the company closes the facility associated with the recall, and ramps up production on the affected products.

The maker of dozens of food and drink products from its namesake Pepsi to Mountain Dew, Doritos, Gatorade, and Quaker Oats oatmeal also affirmed its guidance for 2024. The company projects organic revenue growth of at least 4%, and full-year core 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) to be꧅ at least $8.15, up 7% from the $7.62 it reported in 2023.

PepsiCo ꦓshares felﷺl 2% to $172.80 as of 11:19 a.m. ET Tuesday.