Pepsi products at a convenience store in Crockett, California, United States, on Friday, June 16, 2023.
David Paul Morris | Bloomberg | Getty Images
PepsiCo On Tuesday, it reported quarterly earnings and revenue that beat analysts’ expectations and raised its full-year earnings forecast.
The company’s shares rose 2% in pre-market trading.
Here’s what the company reported compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG, formerly known as Refinitiv:
- Earnings per share: $2.25 adjusted versus $2.15 expected
- Revenues: $23.45 billion versus $23.39 billion expected
For 2023, Pepsi now expects constant currency earnings per share growth of 13%, up from its previous forecast of 12%. It’s the third straight quarter that the snack and beverage giant has raised its full-year forecast.
PepsiCo reported third-quarter net attributable income 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 had earnings of $2.25 per share.
Net sales It rose 6.7% to $23.45 billion. The company’s organic revenue, which excludes acquisitions and divestitures, rose 8.8% in the quarter.
But the company’s turnover, which excludes pricing and currency changes, fell again this quarter. The rise in Pepsi prices to mitigate inflation weakened demand for its products.
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