PepsiCo (PEP) reports Q3 earnings
A woman grabs a bottle of Diet Pepsi in Atlanta, Georgia.
Chris Rank | Bloomberg | Getty Images
PepsiCo hiked its forecast for the year Wednesday morning after reporting third-quarter earnings and revenue that beat analyst expectations.
Shares were up about 2% in pre-market trading.
Here’s how the owner of Mountain Dew, Gatorade and Lay’s performed compared to Wall Street estimates, according to Refinitiv:
- Earnings per share: $1.97 adjusted vs. $1.84 expected.
- Revenue: $21.97 billion vs. $20.84 billion expected.
For 2022, the company increased its forecast for organic revenue growth to 12% from 10% and for core constant currency earnings per share growth to 10% from 8%.
For its Frito-Lay North America division, the company said revenue rose 20% despite a dip in volume. Quaker Food North America’s revenue also rose 15% despite a decline in volume. PepsiCo Beverages North America’s revenue increased 4% on slightly higher volume.
PepsiCo has previously said it expected its cost to continue rising in the second half of this year. In response, the company has said it was accelerating its cost management initiatives, including using smaller sizes for its variety packs.
Coca-Cola is set to report earnings Oct. 25.
This is breaking news. Check back for updates.
A woman grabs a bottle of Diet Pepsi in Atlanta, Georgia.
Chris Rank | Bloomberg | Getty Images
PepsiCo hiked its forecast for the year Wednesday morning after reporting third-quarter earnings and revenue that beat analyst expectations.
Shares were up about 2% in pre-market trading.
Here’s how the owner of Mountain Dew, Gatorade and Lay’s performed compared to Wall Street estimates, according to Refinitiv:
- Earnings per share: $1.97 adjusted vs. $1.84 expected.
- Revenue: $21.97 billion vs. $20.84 billion expected.
For 2022, the company increased its forecast for organic revenue growth to 12% from 10% and for core constant currency earnings per share growth to 10% from 8%.
For its Frito-Lay North America division, the company said revenue rose 20% despite a dip in volume. Quaker Food North America’s revenue also rose 15% despite a decline in volume. PepsiCo Beverages North America’s revenue increased 4% on slightly higher volume.
PepsiCo has previously said it expected its cost to continue rising in the second half of this year. In response, the company has said it was accelerating its cost management initiatives, including using smaller sizes for its variety packs.
Coca-Cola is set to report earnings Oct. 25.
This is breaking news. Check back for updates.
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