PepsiCo said on Tuesday that its net revenue in the first quarter of 2023 stood at $17.8 billion, rising 10% year on year and topping analysts’ estimates.
GAAP diluted earnings per share (EPS) for the quarter plunged 54% to $1.40, while core EPS stood at $1.50. Meanwhile, GAAP net income attributable to PepsiCo amounted to $1.9 billion.
«We are very pleased with our performance and business momentum as our categories and geographies remained resilient during the first quarter. Given our strong start to the year, we now expect our full-year 2023 organic revenue to increase 8 percent (previously 6 percent) and core constant currency EPS to increase 9 percent (previously 8 percent),» CEO Ramon Laguarta stated.
PepsiCo shares rose 1.08% in premarket trading following the earnings release.