Revenue climbed to $17.19 billion and adjusted earnings per share came in at $1.56. Both exceeded analyst expectations.
These include Cheetos and Doritos, which fall under the Frito Lay North America umbrella. Its North American beverage business also achieved 3.5% revenue growth, with Gatorade improving its market share.
The company last declared a 3% year-over-year increase to its quarterly dividend. It now offers a dividend payout of $0.955 per share, representing a 2.8% yield.
PepsiCo has hiked its dividend for 47 consecutive years, marking it as a bastion of stability that income investors can rely on. It is well on its way to claiming its crown as a dividend king, which is a stock that has increased its dividends for at least 50 consecutive years.