PepsiCo taking more time to review its business
"As we have been working through our planning for 2012, we have decided that it is appropriate to extend our ongoing review," Chairman and Chief Executive Indra Nooyi said in a brief statement. "We look forward to providing an update to investors, which will include 2012 guidance, early next year."
PepsiCo's shares gained 26 cents to USD 62.77 in morning trading.
When it released third-quarter results on Oct. 12, PepsiCo declined to give any specifics regarding its 2012 outlook, saying it was still too early, given the current volatility in financial markets and global economies. PepsiCo also said at the time that it had considered breaking up the company and did not find that to be in the best interest of its shareholders.
Last week, PepsiCo agreed to sell its interest in 24 soft drink bottlers in China to Hong Kong-listed Tingyi Holdings Corp, an acknowledgment that its strategy in China was not working.
PepsiCo, known for its flagship cola and Frito-Lay chips, is also expected to increase the amount of its portfolio that is comprised of healthier items. The company, whose other goods include Tropicana juices and Quaker oatmeal, has said it aims to more than double sales from healthier products to USD 30 billion by 2020.