PepsiCo posted its third-quarter earnings and revenue that surpassed analysts; expectations. The beverage giant also boosted its guidance.
Earnings for the quarter came in at $1.97, crushing the $1.84 expected by analysts polled by Refinitiv.
Revenue was $21.97 billion vs. $20.84 billion expected.
Frito-Lay North America division revenue climbed +20% notwithstanding a volume decrease. Quaker Food North America's revenue rose +15%, while PepsiCo Beverages North America's revenue were up +4%.
European unit revenue rose +1%, while Africa, Middle East and South Asia experienced 4% increase in revenue. Asia Pacific and China revenue increased +3%.
Pepsi now expects full-year 2022 organic revenue growth of 12%, up from prior forecast of 10%. It estimates core constant currency earnings per share growth of 10%, vs. previous outlook of 8%.