PepsiCo raises 2023 profit expectations as price hikes offset falling sales volume
PepsiCo saw lower demand for its drinks and snacks in the second quarter but higher prices continued to boost its bottom line PepsiCo saw lower demand for its drinks and snacks in the second quarter, but higher prices continued to boost its bottom line. The Purchase, New York-based company reported better-than-expected revenue and raised its full-year earnings forecasts. Shares rose more than 2% before the market opened on Thursday. Snack food volume s fell 3% in the April-June period, while beverage volume s dropped 1%, but net pricing rose 15%. It was the sixth consecutive quarter of double-digit price increases from PepsiCo. Pepsi's revenue rose 10% to $22.3 billion. That beat Wall Street's forecast of $21.7 billion, according to analysts polled by FactSet. Revenue improved at Frito-Lay North America and the company’s North American beverages unit. PepsiCo also saw revenue growth in Latin America, Europe and Asia. But pricing clearly took a toll. In the company's Afri...