Why Shares of PepsiCo Are Rising Today
Shares of the large food and beverage company PepsiCo (NASDAQ: PEP) traded roughly 4.25% higher as of 12:51 p.m. ET today after the company reported better-than-expected earnings in the third quarter of the year and raised its guidance.
PepsiCo reported third-quarter earnings of $1.95 per share, which is $0.11 better than the consensus estimate for the quarter. Revenue of $21.97 billion also beat estimates, by $1.13 billion.
In an earnings statement, CEO Ramon Laguarta said, "Our strong results demonstrate that the investments we have made toward becoming an even Faster, even Stronger, and even Better company with pep+ at the center of everything we do are working."
Source Fool.com
