WMT - PepsiCo Snacking Consumers Digested The Price Hikes | Benzinga
Macroeconomic headwinds did not slim down the third quarter results of PepsiCo Inc (NASDAQ: PEP) who today smashed Wall Street estimates along with raising its full-year guidance for a third consecutive quarter, sending shares more than 2% up during pre-market trading. Earlier this summer, PepsiCo rival, Coca Cola (NYSE: KO) also lifted its full-year revenues fueled by a stronger-than-expected second quarter performance that included price hikes of around 10% across the board, which offset flat overall case volumes.
Fiscal Third Quarter Highlights
For the quarter ended in September, the packaged foods and beverage maker reported revenue grew 6.7% to $23.45 billion, topping LSEG’s estimate of $23.39 billion, while organic revenue that excludes the impact of acquisitions and divestitures, rose 8.8%. PepsiCo made a net income of $3.09 billion, or $2.24 per share. Adjusted earnings amounted to $2.25, also topping the expected $2.15.
Yet, PepsiCo’s volume, which strips out pricing and currency changes, fell again this quarter as inflation harmed ...