PepsiCo Raises Earnings Forecast as Consumers Pay Up for Snacks

PepsiCo (PEP) raised its full-year earnings outlook as consumers digested higher prices and kept splurging on Cheetos, Lay’s and Gatorade.

Shares of PepsiCo rose 2.8% to $165.80 in premarket trading. Through Monday trading, the stock had fallen nearly 11% so far this year.

The packaged-foods maker reported fiscal third-quarter revenue of $23.45 billion, up nearly 9% on an organic basis and above analysts’ expectations. Pricing and the mix of products sold lifted revenue by 11%, while organic sales volumes slid 2.5%.

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