PepsiCo Inc. reiterated today that it expects per-share earnings of $3.72 this year, despite flooding at its Quaker manufacturing plant in Cedar Rapids, Iowa.
The Quaker plant closed Wednesday as the region prepared for record flooding caused by the swollen Cedar River, which crested at 31.1 feet on Friday.
With flood waters having receded, engineers and safety resources have toured the plant and assessment is ongoing, PepsiCo said in a written statement.
The Purchase-based company said it â€œexpects disruptions to normal service over the next few weeks,” which may result in incomplete orders for food and snack items to retailers.
Some production has been redirected to other Quaker plants, PepsiCo said.
The company has insurance covering both the facility and business interruption, it said.
Flooding in many areas of the Midwest has also impacted grain plantings, which could impact the companyâ€™s business.
A spokeswoman said, however, that PepsiCoâ€™s â€œcorn costs are secured for the future.â€