PepsiCo Inc. upgraded its guidance for the fiscal year, as the company recorded double-digit revenue growth in the third quarter.
Net revenue growth for the third quarter increased by 11.6%, while earnings per share fell 3% to $1.60. Double-digit increases were reported in Africa, the Middle East, and South Asia, the Asia Pacific, Australia and New Zealand, and the China region.
Operating profit jumped by 5%, with a 63% gain in Africa, Middle East, and South Asia, 57% growth in Latin America, and a 23% increase in the Asia Pacific, Australia and New Zealand, and the China region.
The company has upgraded its organic revenue growth guidance to 8% from the previous 6%. It also expects earnings per share growth of at least 11% and at least 12% core earnings per share growth.
The assumption implies a 2021 core earning per share of at least $6.20, up from 2020’s $5.62.