: PepsiCo’s stock up 1.8% after drinks giant tops Q2 estimates and raises guidance

PepsiCo Inc.’s stock PEP rose 1.8% in premarket trade Thursday, after the drinks and snacks giants topped estimates for the second quarter and raised its guidance. The company posted net income of $2.748 billion, or $1.99 a share, for the quarter, up from $1.429 billion, or $1.03 a share, in the year-earlier period. Adjusted per-share earnings came to $2.09, ahead of the $1.96 FactSet consensus. Revenue rose to $22.322 billion from $20.225 billion a year ago, also ahead of the $21.729 billion FactSet consensus. The company is now expecting fiscal 2023 organic revenue growth of 10%, up from 8% previously. It expects its core constant currency EPS to rise 12%, up from prior guidance for a 9% rise. Core EPS is expected to come to $7.47, up from $7.27 previously, while FactSet is expecting it to come to $7.32. The stock has gained 1.4% in the year through Wednesday’s close, while the S&P 500 has gained 16%.

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