Pepsi earnings top estimates despite higher supply chain costs, company raises revenue forecast

Earnings

In this article

Pepsi soft drinks are displayed at a convenience store in San Francisco, California.
Justin Sullivan | Getty Images

PepsiCo on Tuesday raised its full-year forecast after its quarterly earnings and revenue topped analysts’ expectations, despite higher costs and snarls in the supply chain.

Shares of the company fell 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: $1.79 adjusted vs. $1.73 expected
  • Revenue: $20.19 billion vs. $19.39 billion expected

Pepsi reported fiscal third-quarter net income of $2.22 billion, or $1.60 per share, down from $2.29 billion, or $1.65 per share, a year earlier.

Excluding items, the food and beverage giant earned $1.79 per share, topping the $1.73 per share expected by analysts surveyed by Refinitiv.

Net sales rose 11.6% to $20.19 billion, beating expectations of $19.39 billion. The company’s organic revenue, which strips out the impact of acquisitions and divestitures, climbed 9% in the quarter.

For the full year, Pepsi said it expects its organic revenue to increase by 8%, up from its prior forecast of 6% growth. The company reiterated its forecast for core constant currency earnings per share of 11% growth.

Articles You May Like

Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide
Bitcoin extends its slide to start May, falling to $57,000 as Fed leaves rates unchanged
The Education Department will transfer some student loan borrowers to a different servicer. Here’s what you need to know
Warren Buffett says Berkshire Hathaway is looking at an investment in Canada
Warren Buffett’s shopping extravaganza kicks off with Squishmallows pit, ‘Poor Charlie’s Almanack’

Leave a Reply

Your email address will not be published. Required fields are marked *