PepsiCo (NASDAQ:PEP) on Tuesday boosted its outlook for the year as it posted earnings and revenue that beat expectations.
Earnings per share proved to be $1.50 adjusted vs. $1.39 expected, on revenue of $17.85 billion vs. $17.22 billion expected
For the period ended March 25, PepsiCo reported net income of $1.93 billion, or $1.40 a share, compared with $4.26 billion, or $3.06 a share, in the year-earlier period. Excluding one-time items, the company posted $1.50 in earnings per share.
Net sales rose 10.2% to $17.85 billion. Organic revenue, which doesn’t include the impact of acquisitions and divestitures, rose 14.3%.
Volumes rose 1% in PepsiCo’s beverage business, while they declined 3% in its food segment. Overall, volumes were down 2% across all categories, while prices were up 16% overall.
Frito-Lay North America reported an organic revenue increase of 16%, fueled by market share gains and double-digit net revenue growth across key brands like Lay’s, Doritos, and Cheetos, as well as brands such as Sun Chips and PopCorners.
PepsiCo Beverages North America’s organic revenue increased 12%, with with Pepsi delivering double-digit net revenue growth and brands like Gatorade and Aquafina delivering high single-digit net revenue growth.
The company said it expects its full-year 2023 organic revenue to increase 8%, up from 6%, and core constant currency EPS to increase 9% up from 8%.
PEP shares, well, popped $3.39, or 1.8%, to $188.89.
