PepsiCo Inc. (NASDAQ: PEP) reported third quarter 2023 earnings results today.
Net revenue increased 6.7% year-over-year to $23.45 billion. Organic revenue growth was 8.8%.
Net income attributable to PepsiCo was $3.1 billion, or $2.24 per share, compared to $2.7 billion, or $1.95 per share, last year. Core EPS amounted to $2.25.
Both revenue and earnings beat expectations.
For FY2023, the company expects organic revenue growth of 10%. It raised its earnings outlook for the year and now expects core EPS of $7.54 and core constant currency EPS growth of 13% versus its previous expectations of $7.47 and 12% respectively.
The stock gained nearly 2% in premarket hours on Tuesday following the announcement.