PepsiCo rises after beating Wall Street earnings forecasts
- PepsiCo rose as much as 1.6% ahead of trading Tuesday after outperforming analyst expectations.
- The food and beverage company's stock is up 20% so far this year, double the performance of its competitor Coca-Cola.
- PepsiCo attributed its second-quarter success to its popular water brands and higher snack prices.
- Watch PepsiCo trade live here.
PepsiCo rose as much as 1.6% in early trading Tuesday after beating analyst predictions for its second-quarter earnings.
The food and beverage company generated $1.54 per share, narrowly outperforming Wall Street's estimate of $1.50. PepsiCo's $16.45 billion in quarterly revenue came in slightly above the $16.43 billion target.
The stock is up 20% so far this year with a total market value of $184.7 billion. Its main competitor, Coca-Cola, has risen 9.8% over the same period.
The company attributed its positive report to the popularity of its water brands, including its LaCroix competitor Bubly. Sales of the sparkling drink helped offset declines in Gatorade and soda sales. Higher prices for its US-sold chips and snacks helped boost revenue for its Frito-Lay business.
PepsiCo also noted cutting its employee count helped increase profits despite higher commodity costs and strain from foreign currencies.
