PepsiCo revealed on Tuesday that its net revenue rose 6.7% in the third quarter of fiscal 2023 to $23.5 billion. With operating profits at $4 billion, the company reported its net income increased to $3.1 billion.
Meanwhile, diluted earnings per share stood at $2.24, compared to $1.95 in Q3 2022. For fiscal 2023, the company maintained its organic revenue growth forecast at 10%, while it expects its core EPS growth in constant currency to stand at 13%, better than 12% previously.
"We believe that our businesses can continue to perform well in the coming years with category growth normalizing, as we have made numerous investments in our brands, manufacturing capacity, go-to-market systems, supply chain, technology, and people, to execute against our strategic framework and modernize our company," PepsiCo's President and CEO Ramon Laguarta stated.
The company's shares increased by 2.10% in pre-market hours at 6:16 am ET to sell for $164.75.
