PepsiCo Q3 Results Climb, Top Estimates; Lifts FY23 Earnings View; Sees Growth In FY24

(RTTNews) - PepsiCo, Inc. (PEP) reported Tuesday that its third-quarter net income attributable to the company grew to $3.09 billion from last year's $2.70 billion. Earnings per share improved to $2.24 from prior year's $1.95.

Core earnings per share for the quarter was $2.25. On average, 15 analysts polled by Thomson Reuters expected earnings of $2.15 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter was $23.45 billion, up 6.7 percent from last year's $21.97 billion. The Street expected revenues of $23.43 billion for the quarter.

Looking ahead for fiscal 2023, the company now expects to deliver 13 percent core constant currency earnings per share growth, higher than previously expected growth of 12 percent.

The company continues to expect 10 percent organic revenue growth.

Further for fiscal 2024, the company expects to deliver results towards the upper end of its long-term target ranges for both organic revenue and core constant currency EPS growth.

The long-term target ranges for both organic revenue growth of 4 to 6 percent increase and core constant currency EPS growth of high-single digit percentage increase remain unchanged.

In pre-market activity on Nasdaq, PepsiCo shares were gaining around 2.6 percent to trade at $165.50.