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PepsiCo shares got a big jolt yesterday from strong first-quarter earnings — goosed by re-energized sales of Lay’s potato chips and its other snacks brands.
At the same time, shipments of PepsiCo North America soda products fell mid-single digits, causing the normally upbeat CEO Indra Nooyi to say, “The cola category continues to be a challenge.”
That is likely to renew calls to split the company between its hot snacks business and its declining US soda business.
CFO Hugh Johnston did little to dampen such split speculation, saying PepsiCo is considering all options to restructure its North America beverage operations — and that PepsiCo would update investors on those plans in early 2014.
A former top PepsiCo marketing executive recently told The Post he left the Purchase, NY, company because he believed it was a foregone conclusion that the company would spin off its US cola business.
The company last year considered spinning off its US soda business, and decided the costs outweighed the benefits, a source with direct knowledge of the situation said.
“They said at least for right now it doesn’t make sense.”
PepsiCo, though, decided soda sales needed to improve, and if the US soda business did not become at least flat by the end of this year — they would revisit the split.
A PepsiCo spokesman declined comment.
Shares rose 3 percent yesterday to $81.25 — their highest level in 32 years.
Profit of 77 cents a share beat Wall Street estimates of 71 cents.