PepsiCo on Tuesday reported quarterly earnings and revenue that topped analyst expectations as consumers paid more for their Doritos, Quaker oatmeal and Gatorade.
On the heels of its strong performance, the company raised its full-year forecast for organic revenue growth.
Shares of the company were flat in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Earnings per share: $1.29 adjusted vs. $1.23 expectedRevenue: $16.2 billion vs. $15.56 billion expected
Pepsi reported first-quarter net income attributable to the company of $4.26 billion, or $3.06 per share, up from $1.71 billion, or $1.24 per share, a year earlier.
The food and beverage giant reported a $193 million impairment charge after taxes related to some of its juice and dairy brands in Russia. The charge dragged down its earnings by 14 cents per share.
In March, Pepsi joined a host of other Western countries in suspending some of its Russian business but fell short of suspending sales entirely like rival Coca-Cola. Pepsi generates roughly 4% of its annual revenue in Russia, making the country one of the few markets where it has a bigger presence than Coke. Pepsi said it will keep selling some essential products, like baby formula, milk and baby food, although criticism of its decision has intensified.
Excluding the sale of its juice business, the Russian impairment charge and other items, the company earned $1.29 per share, topping the $1.23 per share expected by analysts surveyed by Refinitiv.
Net sales rose 9.3% to $16.2 billion, beating expectations of $15.56 billion.
For the full year, Pepsi now expects organic revenue growth of 8%, up from its prior forecast of 6%. The company reiterated its forecast for full-year core earnings per share growth of 8%.
This is breaking news. Please check back for updates.