This post was originally published on this site
Shares of PepsiCo (NASDAQ:PEP) are up almost 2% in pre-open Wednesday after the company delivered another set of solid results for Q3 and raised its full-year guidance.
PepsiCo reported an EPS of $1.97 on revenue of $21.97 billion to top the analyst consensus of $1.84 on sales of $20.78 billion. The company’s two biggest units by revenue generated – Frito-Lay North America and PepsiCo Beverages North America – both delivered solid beats.
PepsiCo said its organic revenue soared 16%, easily surpassing the consensus of 9.1%. The outperformance was led by Frito-Lay North America, where organic revenue surged 20%.
The company also said that it incurred charges related to the war in Ukraine of $1.16 billion in 36 weeks to September 03. PepsiCo reiterated that it expects to return $7.7 billion to its shareholders with $6.2 billion coming through dividends and $1.5 billion through stock buybacks.
PepsiCo also raised guidance so it now expects its FY EPS to come in at $6.73, slightly ahead of the average analyst estimate of $6.67. Organic revenue is seen rising 12%, again higher than the Bloomberg consensus of 9.92%.
