Pepsi products at a convenience store in Crockett, California, US, on Friday, June 16, 2023.
David Paul Morris | Bloomberg | Getty Images
PepsiCo on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations and raised its outlook for its full-year earnings.
Shares of the company rose 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: $2.25 adjusted vs. $2.15 expected
- Revenue: $23.45 billion vs. $23.39 billion expected
For 2023, Pepsi now expects constant currency earnings per share growth of 13%, up from its prior forecast of 12%. It’s the third consecutive quarter that the snacking and beverage giant has hiked its full-year forecast.
Pepsi reported third-quarter net income attributable to the company of $3.09 billion, or $2.24 per share, up from $2.7 billion, or $1.95 per share, a year earlier.
Excluding items, the company earned $2.25 per share.
Net sales rose 6.7% to $23.45 billion. The company’s organic revenue, which excludes acquisitions and divestitures, climbed 8.8% in the quarter.
But the company’s volume, which strips out pricing and currency changes, fell again this quarter. Pepsi’s price hikes to mitigate inflation have weakened demand for its products.