PepsiCo on Tuesday reported that its quarterly revenue rose more than 20% as restaurant demand for its drinks returned, fueling an earnings beat.
The company also raised its outlook for its full-year adjusted earnings per share growth.
Shares of the company rose more than 1% 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: $1.72 adjusted vs. $1.53 expected
- Revenue: $19.22 billion vs. $17.96 billion expected
Pepsi reported fiscal second-quarter net income of $2.36 billion, or $1.70 per share, up from $1.65 billion, or $1.18 per share, a year earlier.
Excluding items, the company earned $1.72 per share, beating the $1.53 per share expected by analysts surveyed by Refinitiv.
Net sales surged 20.5% to $19.22 billion, topping expectations of $17.96 billion. Organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, rose 12.8%.
On the heels of such a strong quarter, the company said that it now expects constant currency earnings per share growth of 11%, up from its prior forecast of high-single digit growth. Analysts were expecting full-year earnings growth of 7.2%. Pepsi also narrowed its forecast for 2021 organic revenue growth from mid-single digits to 6%.
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