Latest News

PepsiCo raises revenue forecast as it deploys price hikes, smaller sizes to fight rising costs

0

In this article

PEP

A customer holds a can of Pepsi beverage at a shopping mall on March 9, 2022 in Shaoxing, Zhejiang Province of China.
VCG | Getty Images

PepsiCo on Tuesday raised its revenue outlook for the year as consumers snacked on more Doritos chips and drank more Gatorade in its latest quarter.

Shares of the company rose 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: $1.86 adjusted vs. $1.74 expectedRevenue: $20.23 billion vs. $19.51 billion expected

Pepsi reported second-quarter net income attributable to the company of $1.43 billion, or $1.03 per share, down from $2.36 billion, or $1.70 per share, a year earlier.

Excluding items, the company earned $1.86 per share, topping the $1.74 per share expected by analysts surveyed by Refinitiv.

Net sales rose 5.2% to $20.23 billion, beating expectations of $19.51 billion.

For 2022, Pepsi is now expecting organic revenue growth of 10%, up from its prior forecast of 8%. This marks the second consecutive quarter that the company has hiked its revenue forecast without updating its expectations for its earnings. Pepsi is still forecasting core constant currency earnings per share growth of 8%.

Read the full earnings report here.

Wells Fargo downgrades Gap, says it cannot recommend buying the apparel retailer after CEO exit

Previous article

Peloton to outsource all manufacturing as part of its turnaround efforts

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.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

More in Latest News