PepsiCo beats Wall Street analyst expectations, raises earnings outlook

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PepsiCo on Tuesday performed better than analyst’s expectations as its quarterly earning and revenue witnessed a surge which outlooks for its full-year earnings.

The company shares rose 2% in the premarket trading.

As based on a survey of analysts by LSEG, formerly known as Refinitiv, earnings per share was expected to be $2.15, but it registered $2.25. The company registered the revenue of $23.45 billion vs expectations of $23.39 billion.

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For the current year, Pepsi is expected for constant currency earnings per share at growth of 13%, which is up from 12% of its prior forecast. It’s the third consecutive quarter that the snacking and beverage giant has hiked its full-year forecast.

Compared to the previous year of $2.7 billion or $1.95 per share, Pepsi reported its current year’s third-quarter net income attributable to the company of $3.09 billion, or $2.24 per share.

The company’s organic revenue, which excludes acquisitions and divestitures, climbed 8.8%. Net sales rose 6.7% to reach $23.45 billion.