PepsiCo Raises Forecast Amid Positive Q3 Earnings Results

PepsiCo Raises Forecast Amid Positive Q3 Earnings Results

PepsiCo (NASDAQ: PEP) increased its forecast for the year as higher prices helped boost the company’s revenue for the third quarter. The snack and beverage maker’s shares rose about 2% during pre-market trading.

The multinational corporation reported earnings of USD1.97 per share, compared to the expected USD1.84 a share. Revenue amounted to USD21.97 Billion, higher than analysts anticipated USD20.84 Billion.

“We are very pleased with our results for the third quarter as our global business momentum remains strong. Given our year-to-date performance, we now expect our full-year organic revenue to increase 12 percent (previously 10 percent) and core constant currency earnings per share to increase 10 percent (previously 8 percent),” said Chairman and CEO Ramon Laguarta.

Within the third quarter, PepsiCo disclosed a 9% increase in revenue in comparison to the previous year. The positive results took place despite volume declines in several of the company’s divisions, such as its Frito-Lay North American unit.

Laguarta continued, “Our strong results demonstrate that the investments we have made towards becoming an even Faster, even Stronger, and even Better company with pep+ at the center of everything we do are working. We are encouraged by the progress we are making on our strategic agenda, and remain committed to investing in our people, brands, supply chain, and go-to-market systems and winning in the marketplace.”

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!