PepsiCo, Inc. (NASDAQ:PEP) Earnings Conference Call July 11, 2024 8:15 AM ET

Company Participants

Ravi Pamnani - Senior Vice President, Investor Relations
Ramon Laguarta - Chairman & Chief Executive Officer
Jamie Caulfield - Executive Vice President & Chief Financial Officer

Conference Call Participants

Dara Mohsenian - Morgan Stanley
Bonnie Herzog - Goldman Sachs
Lauren Lieberman - Barclays
Bryan Spillane - BofA
Kaumil Gajrawala - Jefferies
Peter Grom - UBS
Filippo Falorni - Citi
Andrea Teixeira - JPMorgan
Chris Carey - Wells Fargo Securities
Robert Ottenstein - Evercore ISI
Carlos Laboy - HSBC
Nik Modi - RBC
Kevin Grundy - BNP Paribas

Operator

Good morning, and welcome to PepsiCo’s 2024 Second 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, 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 and updated 2024 guidance. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, July 11, 2024, 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 second quarter 2024 earnings release and second quarter 2024 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 Executive Vice President and CFO, Jamie Caulfield. 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 Dara Mohsenian with Morgan Stanley. Your line is open.

Dara Mohsenian

Hey, good morning, guys.

Ramon Laguarta

Good morning, Dara.

Dara Mohsenian

So, I just wanted to focus on the implied organic sales growth guidance in the back half of the year of mid-single digits to get to the approximate 4% guidance. You've obviously had a great longer term track record, Ramon, under your tenure, but in this softer U.S. consumer environment we've seen low single-digit growth in the last couple of quarters. So what gives you confidence at the corporate level you can get back there?