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Pepsi products at a convenience store in Crockett, California, US, on Friday, June 16, 2023.
David Paul Morris | bloomberg | Getty Images
PepsiCo On Thursday, it reported quarterly earnings and revenue that beat analyst expectations and raised its full-year forecast.
Shares of the company were up more than 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 Refinitiv:
- Earnings per share: $2.09 adjusted vs. $1.96 expected
- Revenue: $22.32 billion, compared to the expected $21.73 billion
PepsiCo reported second-quarter net income for the company of $2.75 billion, or $1.99 per share, up from $1.43 billion, or $1.03 per share, a year earlier.
Excluding items, the beverage giant earned $2.09 per share.
Net sales It rose 10.4% to $22.32 billion. The company’s organic revenue, which removes the impact of acquisitions and divestitures, rose 13% in the quarter.
But the company’s size declined as higher prices for snacks and drinks hurt demand. Volume, which excludes prices and currency fluctuations, fell 3% for Pepsi’s food divisions and 1% for its beverages.
Quaker Foods North America shrank 5%, and PepsiCo’s North American beverage unit fell 4.5% in the quarter. One bright spot, however, was Frito-Lay North America, which posted 1% growth in volume.
For 2023, PepsiCo now expects organic revenue growth of 10%, up from its previous forecast of 8%. The company also raised its forecast for underlying constant currency earnings to growth of 12% from its previous forecast of 9%.
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