PepsiCo's revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices.
Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has implemented double-digit price hikes. Sales volumes fell 2.5%.
Net revenue was $23.4 billion, the company said Tuesday. That was in line with Wall Street’s expectations, according to analysts polled by FactSet. Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share. That beat the $2.15 per share that analysts had forecast. Pepsi now expects its full-year earnings per share to increase 13%, up from previous projections of 12%, due to the strength of its sales and cost-cutting efforts.
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