PepsiCo, Inc. (NASDAQ:PEP) Q3 2023 Earnings Conference Call October 10, 2023 8:15 AM ET

Company Participants

Ravi Pamnani - Senior Vice President, Investor Relations

Hugh Johnston - Vice Chairman and Chief Financial Officer

Ramon Laguarta - Chairman and Chief Executive Officer

Conference Call Participants

Bryan Spillane - Bank of America

Lauren Lieberman - Barclays

Andrea Teixeira - JPMorgan

Dara Mohsenian - Morgan Stanley

Peter Grom - UBS

Nik Modi - RBC Capital Markets

Chris Carey - Wells Fargo

Robert Ottenstein - Evercore ISI

Stephen Powers - Deutsche Bank

Filippo Falorni - Citi

Brett Cooper - Consumer Edge

Operator

Good morning and welcome to PepsiCo's 2023 Third Quarter Earnings Question-and-Answer Session. Your lines have been placed on listen-only until it's your turn to ask a question. Today's call is being recorded and will be archived at www.pepsico.com.

It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

Ravi Pamnani

Thank you, operator. Good morning, everyone. I hope everyone has had a chance this morning to review our press release and prepared remarks both of which are available on our website.

Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our business plans, guidance and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 10th, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results.

Please refer to our third quarter 2023 earnings release and third quarter 2023 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Vice Chairman and CFO, Hugh Johnston. We ask that you please limit yourself to one question.

And with that, I will turn it over to the operator for the first question.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question comes from Bryan Spillane with Bank of America. Your line is open.

Bryan Spillane

Thanks, operator. Good morning, everyone.

Ramon Laguarta

Good morning, Bryan.

Bryan Spillane

So my question is just around volume. There's been a lot of focus on that topic, not just for Pepsi, but just, I think, more broadly. So I know in the prepared remarks, there's a little bit -- there's some commentary about a shift to small packs. But maybe, Ramon, if you could touch on what was happening specifically volumetrically for PBNA in the quarter? And then kind of relative to what your outlook was for volumes coming out of 2Q, just how that might have evolved as the quarter progressed?