PepsiCo hikes forecast after higher pricing helps boost revenue
PepsiCo hiked its forecast for the year Wednesday as higher prices helped lift the snack and beverage maker's revenue for the third quarter.

The company's shares gained 4% following the report.

For the quarter ended Sept. 3, PepsiCo said revenue rose 9% from a year ago to $21.97 billion, topping Wall Street expectations. The increase came despite volume declines in some of the company's units, including its Frito-Lay North America division.

PepsiCo CEO Ramon Laguarta said the summer helped drive impulse purchases, which have a higher price per liter.

"The consumer is still very healthy in terms of our particular category," Laguarta said during the company's earnings call Wednesday. "Our brands are being stretched to higher price points and the consumers are following us."

Here's how the owner of Mountain Dew, Gatorade and Lay's performed compared with Wall Street estimates, according to Refinitiv:

Earnings per share: $1.97 adjusted vs. $1.84 expected.

Revenue: $21.97 billion vs. $20.84 billion expected.

For 2022, the company now projects organic revenue growth of 12%, up from 10%. It expects core constant currency earnings per share growth of 10%, up from 8%.