PepsiCo tops expectations for the 2nd quarter and raises its expectations for 2023

PepsiCo Inc.'s second-quarter results handily topped Wall Street's expectations and the food and beverage company raised its full-year forecasts.

Shares rose more than 2% before the market open on Thursday.

For the period ended June 17, PepsiCo earned $2.75 billion, or $1.99 per share.

Stripping out certain items, earnings came to $2.09 per share. That easily beat the $1.95 per share that analysts polled by Zacks Investment Research predicted.

A year earlier the Purchase, New York-based company earned $1.43 billion, or $1.03 per share. The prior-year period was weighed down by a $1.36 billion impairment charge.

Revenue climbed to $22.32 billion from $20.23 billion.

Revenue improved at Frito-Lay North America and the company's North American beverages unit. PepsiCo also experienced revenue growth in Latin America, Europe and the Asia Pacific, Australia and New Zealand and China region.

The company now anticipates full-year earnings up 12%, on a constant currency basis. Its prior outlook was for a 9% increase. Organic revenue is now predicted to rise 10 percent. Pepsi previously expected an 8% increase.