Shares in PepsiCo advanced by 3% during pre-market trading on Thursday after the food and beverages giant raised its full-year profit forecast. This came after PepsiCo’s strong second-quarter earnings, largely driven by price increases and innovation in its Frito-Lay division.
Net sales for the quarter were $22.3 billion, a 10.4% year-over-year rise. Wall Street estimates stood at $21.68 billion. Organic sales grew +13% year over year, outpacing estimates of 9.75%, while core earnings per share hit $2.09, compared to estimates for $1.96.
Our strong performance and the progress we are making on our strategic priorities gives us confidence that investments we are making to become an even faster and stronger and even better organization by winning with Pepsico Plus are working,” PepsiCo CEO Ramon Laguarta remarked.
As PepsiCo has done historically, the company hiked its full-year outlook at a time when sales figures were on the rise. This suggests that the company is highly confident that rising sales will continue to be realized.