PepsiCo raised its full-year revenue and earnings forecast Wednesday after stronger-than-expected third quarter sales driven by higher prices.
The
PepsiCo said higher prices don’t seem to be deterring customers, who consider brands like
“We are carefully watching what happens with the consumer. We obviously exited the third quarter with the consumer still very healthy in terms of our particular categories,” PepsiCo Chief Financial Officer
Broader
Johnston noted that even with the higher prices, PepsiCo’s gross margins fell due to rising costs. The company also spend more on advertising, including a double-digit increase in marketing for
PepsiCo said it now expects full-year organic revenue __ which strips out the impact of acquisitions, divestitures and foreign exchange rates __ to rise 12%, up from 10% previously. The company said it expects earnings per share to rise 10%, from 8% previously.
The company said third-quarter revenue grew 9% to
Net income rose 21% to
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