PepsiCo (NASDAQ:PEP) stock is on the rise Wednesday after releasing earnings for the third quarter of 2022.
PepsiCo’s report starts with adjusted earnings per share (EPS) of $1.97. This is good news for PEP stock, considering Wall Street was expecting adjusted EPS of $1.84 per share in the period. It’s also a roughly 10% increase from the $1.79 reported in Q3 2021.
Adding to this is the food and beverage company’s revenue of $21.97 billion. Yet again, that’s a boon to PEP stock compared to analysts’ estimate of $20.84 billion for the quarter. It’s also a jump from the $20.19 billion reported in the prior-year period.
PEP Also Increased Its 2022 Outlook
Despite inflation, PepsiCo has strong expectations for the full year of 2022. It now expects organic revenue growth of 12% alongside core constant currency EPS growth of 10%. Previously, its estimates were for organic revenue growth of 10% and core constant currency EPS growth of 8%.
Ramon Laguarta, Chairman and CEO of PepsiCo, said the following in the earnings report:
“Our strong results demonstrate that the investments we have made towards becoming an even Faster, even Stronger, and even Better company with pep+ at the center of everything we do are working.”
PEP stock is up 3.9% as of Wednesday morning but down 2.4% year-to-date (YTD).
Investors seeking more recent stock market news are in the right place!
InvestorPlace is home to all of the latest stock market news for Wednesday! That includes what’s going on with Bed Bath & Beyond (NASDAQ:BBBY) stock, this morning’s biggest pre-market stock movers and more. You can find out all about these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.