PepsiCo shares rise 1.3% after first quarterly results for 2023 📈❤️💙
PepsiCo released its Q1 2023 quarterly numbers today, and although profits were cut in half year-over-year, the company was able to raise its full-year guidance. Pepsi delivered a strong performance in 1Q2023, growing revenue 10% to $17.85 billion.
Although profit declined year-over-year, Pepsi still managed to post a net profit of $2.6 billion. The declines were mainly caused by higher distribution costs.
PepsiCo has also already raised its outlook for full-year 2023, and now expects organic sales growth of 8%, compared with an earlier forecast of 6%. Earnings per share (EPS) are expected to grow 9% at constant exchange rates this year, instead of 8% as previously targeted.
What do you think about PepsiCo's quarterly results? Are you invested in $PEP invested or in its competitor $KO?
