Snack and beverage maker PepsiCo Inc. (NASDAQ: PEP) stock gained almost 2% in pre-market trading on Tuesday after the company reported upbeat third-quarter financial results supported by multiple price increases and robust demand and raised its full-year profit guidance. For fiscal 2023, the company now expects core earnings per share of $7.54, compared to previously expected $7.47.
Earnings per share: $2.25 vs. $2.15 expected
Revenue: $23.45 Billion vs. $23.39 Billion expected
"We are pleased with our performance as our businesses and associates displayed tremendous agility and resilience across geographies and categories in an evolving and dynamic environment," PepsiCo CEO, Ramon Laguarta said.
In the third quarter, PepsiCo revenue rose 6.7% from the year-ago quarter to $23.45 billion and Earnings per share increased from $1.95 to $2.25 in Q3. Despite these better-than-expected Q3 results, the company's sales volume fell again this quarter. "For fiscal year 2024, we expect to deliver results towards the upper end of our long-term target ranges for both organic revenue and core constant currency EPS growth," the firm said.
PepsiCo shares jumped to above $164 in pre-market trading. However, the stock declined more than 10% for the year to date and hit a fresh 52-week low of $155.80 last week.
Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.