Pepsi stock ( NASDAQ:PEP ) rose on Wednesday after the food and beverage giant reported better-than-expected profits for the third quarter and improved its projection for the upcoming fiscal year 2022.
PepsiCo ( NASDAQ:PEP ) announced adjusted earnings of $1.97 per share for the third quarter, above the consensus forecast of $1.84 per share among market analysts. The revenue came in at $21.9 billion, much more than the projections of $20.8 billion. During the same period last year, the company’s profits per share came in at $1.79, while the company’s revenue was $20.2 billion.
Pepsi Stock Growth
Pepsi’s organic sales growth for the quarter was 16%, an important indicator for consumer staples like Pepsi.
The business stated that it anticipated organic sales in the fiscal year to climb by 12%, which was higher than its previous estimate of approximately 10% and more than the projections made by Wall Street. According to management, core constant-currency profits per share will climb by 10%. This is an improvement over prior predictions, which called for growth of 8%. Earnings per share are projected to increase by approximately 7.5% to $6.73 for the fiscal year 2022, when measured in terms other than constant currency.
During the most recent trading session, shares of Pepsi increased by 3.6% to $168.44, while the S&P 500 index rose by 0.3%. The stock has performed better than the S&P, which has lost 25% of its value this year, falling only 3%.
Pepsi might stand out as an outlier during an earnings sea...
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