Shares of PepsiCo (NASDAQ: PEP) were on an upswing in pre-market trading on Thursday after the snacks and beverage giant reported adjusted earnings of $1.67 per share, which beat analysts’ consensus estimate of $1.65.
Sales increased by 10.9% year-over-year, with revenue hitting $28 billion and exceeding analysts’ expectations by $1.2 billion.
Looking forward, management now expects its organic revenues to grow at 6% in FY23 with constant core currency EPS to increase by 8%. The company has also announced a 10% rise in “annualized dividend, starting with our June 2023 payment which represents our 51 consecutive annual increase, and plan to repurchase approximately $1.0 billion worth of shares”
Overall, Wall Street analysts are cautiously optimistic about PEP stock with a Moderate Buy consensus rating based on four Buys and four Holds.
