PepsiCo, Inc. (NASDAQ: PEP) has reported robust second-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, while revenues lagged. However, the top and bottom lines improved year over year. The company's results have mainly been aided by improvements in its international business, which delivered significant volume growth and organic revenue growth of 5.5% year over year. The international business also reported 10% core operating profit growth and strong core operating margin expansion. The results also reflect gains from strength and resilience in its categories, diversified portfolio, modernized supply chain, improved digital capabilities, flexible go-to-market distribution systems and robust consumer demand trends. Shares of PepsiCo declined 1.9% in the pre-market session on Jul 11, as results have continued to be impacted by QFNA's recall-related headwinds and soft performance at the North America convenient foods businesses. Shares of the Zacks Rank #3 (Hold) company have declined 2.7% in the past three months against the industry's 2.6% growth. Image Source: Zacks Investment Research Quarter in Detail PepsiCo's second-quarter core EPS of $2.28 beat the Zacks Consensus Estimate of $2.15 and increased 9% year over year. In constant currency, core earnings improved 10% from the year-ago period. The company's reported EPS of $2.23 rose 13% year over year in the quarter. Foreign currency impacted EPS by 1%. Net revenues of $22.5 million rose 0.8% year over year but missed the Zacks Consensus Estimate of $22.6 billion. Revenues were negatively impacted by subdued category demand within its North America convenient foods businesses. Unit volume was down 2% for the convenient food business and was flat for the beverage business. Foreign currency impacted revenues by 1%. On an organic basis, revenues grew 1.9% year over year, significantly below organic revenue growth of 13% in second-quarter 2023. The variance mainly resulted from a soft QFNA performance, which was impacted by certain product recalls. The QFNA segment revenues reduced organic revenue growth by 60 basis points (bps) in second-quarter 2024. PepsiCo, Inc. Price, Consensus and EPS Surprise