PepsiCo Rises 4% After Lifting FY22 View

Shares of snacks and beverage giant PepsiCo, Inc. (PEP) are rising 4 percent on Wednesday's trading after the company lifted its fiscal 2022 earnings and organic revenue forecast above market estimates. In addition, for the third quarter, both earnings and top line beat Wall Street view.

Looking ahead for fiscal 2022, the company now expects to deliver 12 percent organic revenue growth, higher than previously expected 10 percent growth. The company now projects 10 percent core constant currency earnings per share growth, up from earlier expected 8 percent.

In the third quarter, net income attributable to Pepsi grew to $2.70 billion from last year's $2.22 billion.

Earnings per share were $1.95, up 22 percent from last year's $1.60. Analysts expected earnings of $1.84 per share for the quarter.

Currently at $169.10, the stock has traded between $153.37 and $181.07 during the past 52 weeks.

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