Core earnings fell 4.3% year-over-year to $1.54 per share, beating the street estimate of $1.50 per share.
PEP shares were up 0.5% during pre-market trading on Tuesday. The stock has gained 22% so far this year.
Ramon Laguarta, who took charge as PepsiCo CEO in October last year, expressed confidence of meeting the full-year targets set by the beverage company.
READ: Why is it the right time to invest in beverage stocks?
PepsiCo reiterated its guidance of full-year organic revenue growth of 4%. For this period, core EPS is projected to fall 3% to $5.50 per share.
PepsiCo continues to boost its strong product portfolio through innovation and strategic partnerships. The company recently teamed up with Lavazza to launch iced coffee in the UK. PepsiCo’s diversification efforts through various acquisitions and partnerships are likely to pay off in driving growth going forward.
Pepsi’s primary competitor The Coca Cola Company (NYSE: KO) is slated to report financial results two weeks later.
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