Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries PepsiCo hikes prices, consumer demand steady for drinks, snacks By: FOX Business April 25, 2023 at 10:42 AM EDT PepsiCo’s first-quarter earnings beat Wall Street expectations after strong consumer demand for soda and snacks, and as the company raised its prices to combat high inflation. PepsiCo's first-quarter earnings surpassed Wall Street expectations after the beverage and snack company raised prices to compensate for ongoing inflationary pressures.Global consumer goods companies have raised prices to battle sky-rocketing costs of everything from aluminum cans to labor and shipping since the supply-chain disruptions during the pandemic and aggravated by the Russia-Ukraine conflict.Meanwhile, the Frito-Lay maker also plans to raise prices in some regions, in stark contrast to its decision earlier this year to hit a pause.Pepsi’s average prices rose 16% in the first quarter, while organic volumes slipped 2%."We do not expect commodity prices to decrease for us, only the rate of inflation will get a little bit lighter during the course of the year," Chief Financial Officer Hugh Johnston told Reuters.PEPSICO TO USE OVER 700 EVS FOR FRITO-LAY DELIVERIES BY YEAR'S ENDThe company reported adjusted earnings of $1.50 per share on $17.85 billion in sales for the quarter ending March 25, after analysts predicted earnings of $1.38 a share on sales of $17.24 billion. This time last year, the company reported earnings of $1.29 a share on sales of $16.2 billion."Given our strong start to the year, we now expect our full-year 2023 organic revenue to increase 8% and core constant currency EPS to increase 9%," PepsiCo CEO Ramon Laguarta said in a statement.BUD LIGHT RIVALS STEALING SALES AFTER DYLAN MULVANEY CONTROVERSY"We will continue to invest in our people, brands, supply chain, go-to-market systems, and digitization initiatives to build competitive advantages and win in the marketplace," he added. PepsiCo now expects full-year earnings of $7.27 per share, up from a previous forecast of $7.20, and slightly above the FactSet consensus of $7.26. CLICK HERE TO GET THE FOX BUSINESS APP Reuters contributed to this report Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
PepsiCo hikes prices, consumer demand steady for drinks, snacks By: FOX Business April 25, 2023 at 10:42 AM EDT PepsiCo’s first-quarter earnings beat Wall Street expectations after strong consumer demand for soda and snacks, and as the company raised its prices to combat high inflation. PepsiCo's first-quarter earnings surpassed Wall Street expectations after the beverage and snack company raised prices to compensate for ongoing inflationary pressures.Global consumer goods companies have raised prices to battle sky-rocketing costs of everything from aluminum cans to labor and shipping since the supply-chain disruptions during the pandemic and aggravated by the Russia-Ukraine conflict.Meanwhile, the Frito-Lay maker also plans to raise prices in some regions, in stark contrast to its decision earlier this year to hit a pause.Pepsi’s average prices rose 16% in the first quarter, while organic volumes slipped 2%."We do not expect commodity prices to decrease for us, only the rate of inflation will get a little bit lighter during the course of the year," Chief Financial Officer Hugh Johnston told Reuters.PEPSICO TO USE OVER 700 EVS FOR FRITO-LAY DELIVERIES BY YEAR'S ENDThe company reported adjusted earnings of $1.50 per share on $17.85 billion in sales for the quarter ending March 25, after analysts predicted earnings of $1.38 a share on sales of $17.24 billion. This time last year, the company reported earnings of $1.29 a share on sales of $16.2 billion."Given our strong start to the year, we now expect our full-year 2023 organic revenue to increase 8% and core constant currency EPS to increase 9%," PepsiCo CEO Ramon Laguarta said in a statement.BUD LIGHT RIVALS STEALING SALES AFTER DYLAN MULVANEY CONTROVERSY"We will continue to invest in our people, brands, supply chain, go-to-market systems, and digitization initiatives to build competitive advantages and win in the marketplace," he added. PepsiCo now expects full-year earnings of $7.27 per share, up from a previous forecast of $7.20, and slightly above the FactSet consensus of $7.26. CLICK HERE TO GET THE FOX BUSINESS APP Reuters contributed to this report