PepsiCo, one of the leading beverage companies, has reported quarterly earnings and revenue that have exceeded analysts’ expectations. This outstanding performance has prompted the company to raise its full-year outlook, resulting in a surge in premarket trading.

Investors would be delighted to know that PepsiCo’s earnings per share came in at $2.09, surpassing the estimated figure of $1.96. Moreover, the company’s revenue stood at $22.32 billion, higher than the anticipated $21.73 billion.

PepsiCo’s net income for the second quarter was $2.75 billion, or $1.99 per share, compared to $1.43 billion, or $1.03 per share, in the same period last year. By excluding certain items, the company achieved an adjusted earnings per share of $2.09.

The company’s net sales witnessed a growth of 10.4%, reaching $22.32 billion. Notably, PepsiCo’s organic revenue, which eliminates the impact of acquisitions and divestitures, rose by an impressive 13% during the quarter.

However, PepsiCo faced a decline in volume due to higher prices for its snacks and drinks, which adversely affected demand. The food divisions experienced a 3% drop in volume, while the beverages segment saw a 1% decrease.

Despite these challenges, Quaker Foods North America reported a 5% decline in volume, while Pepsi’s North American beverage unit saw a 4.5% decrease. On a positive note, Frito-Lay North America demonstrated 1% growth in volume.

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Positive Outlook and Future Growth

Looking ahead, PepsiCo is optimistic about its performance in 2023. The company now expects a 10% organic revenue growth, surpassing its previous forecast of 8%. Additionally, PepsiCo has raised its core constant currency earnings outlook from 9% to 12% growth.

By leveraging its strong brand portfolio, innovative product offerings, and strategic investments, PepsiCo aims to continue its upward trajectory and deliver value to its shareholders.