Pepsi shares push higher on earnings beat, raised sales forecast
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PepsiCo (NASDAQ:PEP) shares pushed higher after the beverage giant posted a strong earnings result for the second quarter and raised its full-year sales forecast.
The Purchase, New York-based company posted $1.86 per share, $0.12 ahead of the analyst consensus alongside $20.23B in revenue, pushing past the $19.51B expected by Wall Street. The strong results were posted despite pressure from inflation, persistent supply chain issues, a 3% foreign currency impact, and losses due to the Russia-Ukraine conflict. Sales for Frito-Lay North America in particular helped buoy the companyâs quarterly results.
âOur results are indicative of our highly dedicated employees, the strength and resilience of our categories, agile supply chain and go-to-market systems and strong marketplace execution,â CEO Ramon Laguarta said. â Given our year-to-date performance, we now expect our full-year organic revenue to increase 10% (previously 8%) and we continue to expect core constant currency earnings per share to increase 8%.â
Shares rose 1.5% shortly after the quarterly results were reported.
To be sure, even with the raised guidance, full year earnings per share expectations set at $6.63 is slightly below the consensus of $6.66. Read more on the key details of the quarter.