A customer holds a can of Pepsi beverage at a shopping mall on March 9, 2022 in Shaoxing, Zhejiang Province of China.
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PepsiCo on Tuesday raised its revenue outlook for the year as consumers snacked on more Doritos chips and drank more Gatorade in its latest quarter.
Shares of the company rose less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.86 adjusted vs. $1.74 expected
- Revenue: $20.23 billion vs. $19.51 billion expected
Pepsi reported second-quarter net income attributable to the company of $1.43 billion, or $1.03 per share, down from $2.36 billion, or $1.70 per share, a year earlier.
Excluding items, the company earned $1.86 per share, topping the $1.74 per share expected by analysts surveyed by Refinitiv.
Net sales rose 5.2% to $20.23 billion, beating expectations of $19.51 billion.
For 2022, Pepsi is now expecting organic revenue growth of 10%, up from its prior forecast of 8%. This marks the second consecutive quarter that the company has hiked its revenue forecast without updating its expectations for its earnings. Pepsi is still forecasting core constant currency earnings per share growth of 8%.
Read the full earnings report here.
