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PepsiCo reported quarterly earnings and revenue that topped analyst expectations, as consumers paid more for their Gatorade, Doritos, and Quaker oatmeal.
On the heels of its strong performance, the company raised its full-year forecast for organic revenue growth.
Shares of the company closed Tuesday down less than 1 percent.
The company reported earnings per share of $1.29 adjusted versus the $1.23 expected by Wall Street. For revenue, it was $16.2 billion versus the expected $15.56 billion.
PepsiCo reported $4.26 billion in net income attributable to the firm in the first quarter, up from $1.71 billion in the previous quarter, or $1.24 per share.
As it tries to abandon or reposition some of its juice and dairy brands in Russia, the food and beverage behemoth recorded a $193 million impairment charge after taxes. The charge cost the company 14 cents per share in earnings. The company's earnings were knocked down by 17 cents per share due to an extra impairment charge of $241 million after taxes connected to the Russia-Ukraine war.
Pepsi joined a slew of other Western firms in suspending some of their Russian operations in March, although it stopped short of going completely off the market like rival Coca-Cola.
Pepsi's annual income from Russia accounts for about 4percent of the company's total, making it one of the few areas where it outperforms Coke. The company stated that it will continue to sell some critical items such as baby formula, milk, and baby food.
Net sales increased 9.3 percent to $16.2 billion, exceeding the $15.56 billion forecast. Organic revenue increased by 13.7 percent in the quarter, owing to higher prices.
Convenience stores are experiencing decreased foot traffic as gas prices rise, according to executives, but consumer behavior hasn't changed significantly.
Pepsi now predicts organic revenue growth of 8 percent for the full year, up from its previous prediction of 6 percent. The updated prediction is due to both rising pricing and increased volume, according to Johnston.
The company maintained its 8 percent growth in core earnings per share outlook for the entire year.
