PepsiCo’s (PEP) Q3 2023 earnings

PepsiCo On Tuesday, it reported quarterly earnings and revenue that beat analysts’ expectations and raised its full-year earnings forecast.

The company’s shares rose 2% in pre-market trading.

Here’s what the company reported compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG, formerly known as Refinitiv:

• Earnings per share: $2.25 adjusted versus $2.15 expected
• Revenues: $23.45 billion versus $23.39 billion expected

For 2023, Pepsi now expects constant currency earnings per share growth of 13%, up from its previous forecast of 12%. It’s the third straight quarter that the snack and beverage giant has raised its full-year forecast.

PepsiCo reported third-quarter net attributable income of $3.09 billion, or $2.24 per share, up from $2.7 billion, or $1.95 per share, a year earlier.

Excluding items, the company had earnings of $2.25 per share.

Net sales It rose 6.7% to $23.45 billion. The company’s organic revenue, which excludes acquisitions and divestitures, rose 8.8% in the quarter.

But the company’s turnover, which excludes pricing and currency changes, fell again this quarter. The rise in Pepsi prices to mitigate inflation weakened demand for its products.