(fxcue news) - PepsiCo, Inc. shares were losing around 2.4 percent in the pre-market activity on the Nasdaq. While the company reported higher profit and revenues in its second quarter above market estimates, it slightly adjusted the fiscal 2024 organic revenue growth view. The company further maintained its forecast for annual core earnings growth. Chairman and CEO Ramon Laguarta said, "For the balance of the year, we will further elevate and accelerate our productivity initiatives and make disciplined commercial investments in the marketplace to stimulate growth. These investments will focus on surgically providing optimal value propositions within certain portions of our North America convenient foods portfolio, amplifying our advertising and marketing initiatives and leveraging our go-to-market distribution capabilities to enable more precise marketplace execution." For 2024, Pepsico now expects approximately 4 percent organic revenue growth, compared to previous outlook of at least 4 percent. In addition, the company continues to expect at least 8 percent increase in core constant currency earnings per share. The company projects an approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core earnings per share growth based on current market consensus rates. Based on this, 2024 core earnings per share would be at least $8.15, a 7 percent increase compared to 2023 core earnings per share of $7.62. Analysts on average expect the company to earn $7.53 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. In its second quarter, Pepsico's net income attributable came in at $3.08 billion or $2.23 per share, higher than $2.75 billion or $1.99 per share in last year's second quarter. Adjusted earnings were $3.14 billion or $2.28 per share for the period, compared to $2.89 billion or $2.09 per share a year ago. Analysts had expected the company to earn $1.99 per share. The company's revenue for the quarter rose 0.8 percent to $22.50 billion from $22.32 billion last year, while the Street was looking for $20.87 billion in revenues. Organic revenue growth was 1.9 percent. During the second quarter, business remained agile despite facing difficult net revenue growth comparisons versus the prior year, subdued category performance within North America convenient foods and the impacts associated with certain product recalls at Quaker Foods North America, it said. In the quarter, Frito-Lay North America revenues edged down 0.5 percent from last year to $5.87 billion, and the drop was 18 percent in Quaker Foods North America revenues to $561 million. PepsiCo Beverages North America, however, grew 1 percent to $6.81 billion, and Latin America revenues increased 7 percent to $3.05 billion. The growth was 2.5 percent in revenues of Europe and 2 percent in Africa, Middle East and South Asia, while revenues in Asia Pacific, Australia and New Zealand and China Region dropped 2 percent. In pre-market activity on the Nasdaq, PepsiCo shares were trading at $159.65, down 2.41 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.