PepsiCo Inc PEP shares are trading higher Wednesday after the company reported better-than-expected financial results and raised its outlook.
PepsiCo said third-quarter revenue increased 8.8% year-over-year to $21.97 billion, which beat average analyst estimates of $20.81 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.97 per share, which beat average analyst estimates of $1.84 per share.
"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," said Ramon Laguarta, chairman and CEO of PepsiCo.
PepsiCo raised its full-year 2022 organic revenue growth outlook from 10% to 12%. The company also raised its adjusted earnings guidance from $6.63 per share to approximately $6.73 per share versus the estimate of $6.69 per share.
Related Link: PepsiCo Boosts Annual Guidance Following Solid Q3 Beat
PEP Price Action: PepsiCo has a 52-week high of $181.07 and a 52-week low of $153.37.
The stock was up 2.58% at $166.79 at time of publication, according to Benzinga Pro.
Photo: Ernesto Rodriguez from Pixabay.
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