PepsiCo () - a share-driving company with a higher-than-expected first quarter earnings on Tuesday, while increasing its full-year earnings forecast, as the Frito Lay snacks division continues to increase topline growth.
PepsiCo said core earnings for the three months ended in March were pegged at $1.29 per share, up 6.7 percent from the same period last year, and 7 cents ahead of the Street consensus prediction.
PepsiCo said group revenues increased 3.9 percent to $16.2 billion, owing to analysts forecasting a $15.52 billion increase. North American revenues at Frito Lay, its snack division, increased by $4.84 billion. Beverages earnings increased 5.5 percent at $5.35 billion.
PepsiCo said it expects organic revenue to jump by 8% over its previous forecast of 6%, with core earnings rising by 8%.
"I am very proud of how our employees and businesses have performed while operating in a dynamic and complicated environment due to the ongoing deadly conflict in Ukraine," said CEO Ramon Laguarta. "We continue to be committed to protecting the people, including the security and the safety of our Ukrainian associates."
"Given the strength and resilience of our businesses up until today, while estimating higher than expected input cost inflation for the remainder of 2022, we now expect our full-year organic income to increase 8% (previously 6%) and we continue to expect core constant currency earnings per share to increase 8%."
Following the earnings release, PepsiCo's stock was marked 0.15% higher in pre-market trading, indicating a $174.00 opening bell price.
Coca-Cola () - boosted its first quarter earnings of 64 cents per share, with revenues raising 16.4% to $10.5 billion in terms of revenue and sales, but only confirmed its full-year forecast, amid what the iconic beverage company described as a "extremely competitive and dangerous" economy.