PepsiCo lifts annual forecasts again on price hikes, steady demand

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.

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