Profit revenue

PepsiCo stock rises after earnings, revenue beat expectations and full-year outlook confirmed

Shares of PepsiCo Inc. PEP,
rose 0.9% in premarket trading on Tuesday after the beverage and snacks giant reported second-quarter earnings and revenue well above expectations and confirmed its full-year outlook. “We are pleased with our results for the second quarter as our business momentum continued despite continued macroeconomic and geopolitical volatility and higher levels of inflation in our markets,” Chief Executive Ramon Laguarta said. Net income fell to $1.43 billion, or $1.03 per share, from $2.36 billion, or $1.70 per share, a year ago. Excluding one-time items, adjusted earnings per share of $1.86 was above the FactSet consensus of $1.74. Revenue rose 5.2% to $20.23 billion, beating the FactSet consensus of $19.51 billion, as North American revenue from Frito-Lay, PepsiCo Beverages and Quaker Foods all beat expectations . Cost of sales increased 6.0% to $9.42 billion as gross margin contracted to 53.4% ​​from 53.8%. For 2022, the company confirmed its Adjusted EPS outlook of $6.63, which compares to the FactSet consensus of $6.64. The stock slid 1.9% year-to-date through Monday, while SPDR Consumer Staples Select Sector ETF XLP,
fell 5.6% and the S&P 500 SPX,
fell 19.1%.