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A truck with Pepsi logo on a semitrailer is seen at Interstate 95 highway in Maryland, United States, on October 21, 2022.
Beata Zawrzel | Nurphoto | Getty Images
PepsiCo on Tuesday lowered its full-year outlook for organic revenue after its second straight quarter of weaker-than-expected sales.
Shares of the company fell 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $2.31 adjusted vs. $2.29 expected
- Revenue: $23.32 billion vs. $23.76 billion expected
Pepsi reported third-quarter net income attributable to the company of $2.93 billion, or $2.13 per share, down from $3.09 billion, or $2.24 per share, a year earlier.
Excluding items, the company earned $2.31 per share.
Net sales fell 0.6% to $23.32 billion.