Menu
October 10, 2023 : PepsiCo Inc. on Tuesday reported third-quarter earnings and revenue that beat analysts’ expectations and raised its outlook for its full-year earnings.
The maker of Pepsi-Cola, Mountain Dew, and Frito-Lay snacks said adjusted earnings per share were $2.25, beating the consensus estimate of $2.16. Revenue rose 6.7% to $23.45 billion, also beating expectations.
PepsiCo attributed the strong results to continued growth in its snack and beverage businesses and higher prices. The company said that organic revenue, which excludes acquisitions and divestitures, climbed 8.8% in the quarter.
PepsiCo also raised its full-year earnings outlook for the second time. The company now expects constant currency earnings per share growth of 13%, up from its prior forecast of 12%.
“We delivered another strong quarter of results, with both organic revenue and earnings per share exceeding expectations,” said Ramon Laguarta, PepsiCo’s chairman and CEO. “Our performance was driven by continued momentum in our snack and beverage businesses and our pricing strategy.”
PepsiCo’s results are a positive sign for the consumer staples industry, which is facing challenges from inflation and supply chain disruptions. The company’s strong performance also suggests that consumers are still willing to spend money on food and beverages, even as the economy slows down.
PepsiCo beat Wall Street estimates for third-quarter earnings and revenue and raised its full-year earnings outlook. The company attributed the strong results to continued growth in its snack and beverage businesses and higher prices. PepsiCo’s results are a positive sign for the consumer staples industry and suggest that consumers are still willing to spend money on food and beverages.
