PEP's food business is expected to have benefited from gains across core brands like Doritos, Lay's, Ruffles, Tostitos and Cheetos, offset by softness in the Quaker Foods North America ("QFNA") segment due to recent product recalls.The December 2023 and January 2024 product recalls at the QFNA segment have eaten into PEP's first-quarter revenues and profits, mainly denting its sales in the United States. The company has been on track to resume more production of certain products affected by the recalls through other facilities.Although PepsiCo expects the recall-related financial impacts to moderate as the year progresses, we expect the product recall-related implications to affect second-quarter results, to some extent. Our model numbers indicate a 22% decline in organic revenues for the QFNA segment.Nonetheless, PEP's top line is expected to reflect gains from improved pricing across all segments.