PepsiCo hikes forecast after higher pricing helps boost revenue

 

The increase came despite volume declines in some of the company’s units, including its Frito-Lay North America division. PepsiCo hiked its forecast for the year as higher prices helped lift the snack and beverage maker’s revenue for the third quarter. The company’s shares gained 4% following the report.

“We are very pleased with our results for the third quarter as our global business momentum remains strong. Given our year-to-date performance, we now expect our full-year organic revenue to increase 12% (previously 10%) and core constant currency earnings per share to increase 10% (previously 8%),” said Ramon Laguarta, Chairman and CEO, PepsiCo. “Our strong results demonstrate that the investments we have made towards becoming an even faster, even stronger, and even better company with pep+ at the center of everything we do are working. We are encouraged by the progress we are making on our strategic agenda, and remain committed to investing in our people, brands, supply chain, and go-to-market systems and winning in the marketplace.”