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PepsiCo beats Wall Street estimates, raises earnings outlook

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PepsiCo beats Wall Street estimates, raises earnings outlook

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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 Tuesday reported quarterly earnings and revenue that beat analysts’ expectations and raised its outlook for its full-year earnings.

Shares of the company rose 2% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $2.25 adjusted vs. $2.15 expected
  • Revenue: $23.45 billion vs. $23.39 billion expected

For 2023, Pepsi now expects constant currency earnings per share growth of 13%, up from its prior forecast of 12%. It’s the third consecutive quarter that the snacking and beverage giant has hiked its full-year forecast.

Pepsi reported third-quarter net income attributable to the company of $3.09 billion, or $2.24 per share, up from $2.7 billion, or $1.95 per share, a year earlier.

Excluding items, the company earned $2.25 per share.

Net sales rose 6.7% to $23.45 billion. The company’s organic revenue, which excludes acquisitions and divestitures, climbed 8.8% in the quarter.

But the company’s volume, which strips out pricing and currency changes, fell again this quarter. Pepsi’s price hikes to mitigate inflation have weakened demand for its products.

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