PepsiCo lifts profit forecast again as price hikes fail to dent demand streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
PepsiCo Inc on Tuesday raised
its annual profit forecast for a third time this year, as the
company banks on the multiple price increases it undertook
across its major markets and resilient demand for.
PepsiCo Inc on Thursday raised its annual revenue and profit forecasts for the second time this year after the snacks and beverages giant comfortably beat quarterly estimates on price hikes and resilient demand. Shares rose about 2% in early trading as the upbeat performance also eases investor worries over a demand slowdown from price hikes over the past two years to counter a jump in costs of everything from raw materials to transportation. "In developed markets we see consumers still really doing quite well. they may be pulling back to some degree on the bigger ticket purchases. but we are an affordable luxury. people are still buying our products at a healthy rate," Chief Financial Officer Hugh Johnston told Reuters.