PepsiCo hikes forecast after third-quarter earnings, revenue top expectations

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 3% 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.

The company increased its forecast for organic revenue growth for 2022 from 10% to 12% and core constant currency earnings per share growth from 8% to 10%.

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.

Source

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