PepsiCo PEP posted stronger-than-expected third quarter earnings Thursday, and forecast solid full-year profits, as pandemic snack sales continued to pace top line growth. 

PepsiCo said earnings for the three months ending in August were pegged at $1.65 per share, up 5.8% from the same period last year and well ahead of the Street consensus forecast of $1.49 per share. Group revenues, PepsiCo said, rose 5.3% to $18.1 billion, again topping analysts forecasts of a $17.3 billion tally.

Looking into the final months of the year, PepsiCo said it sees core earnings of $5.50 per share, jumping ahead of the Refinitiv forecast of $5.36 per share.

“Despite the ongoing volatility and complexity in our operating environment, I believe our third quarter performance reinforces the diversification of our portfolio, the resilience and agility of our teams across every continent and demonstrates our ability to support our customers and communities during their time of need while also delivering good results for our shareholders,” said CEO Ramon Laguarta.“

“Our reported revenue increased 5.3%, while our reported earnings per share increased 10%,” he added. “Organic revenue increased 4.2% and core constant currency earnings per share increased 9%. These results reflect the continued strength of our global snacks and food business and a significant improvement in our global beverage business”

PepsiCo shares were marked 2.2% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $141.65 each.

PepsiCo said revenues at its Frito Lay division rose 7% from last year, while the topline at Quaker Foods jumped 6%. Beverages said were 6% higher, the company said.

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PepsiCo  (PEP) – Get Report has done well this week, jumping more than 3% as investors gear up for earnings.

The company will report its quarterly results on Thursday before the stock market opens. The stock has reclaimed and held several key levels this week.

However, PepsiCo is among the group of stocks that’s been unable to make new highs amid this run. While the S&P 500 has hit new highs, PepsiCo remains stubbornly below resistance.

On the plus side, it’s handily beating its biggest peer, Coca-Cola  (KO) – Get Report.

For the year, PepsiCo has risen 1%, besting Coca-Cola’s 11% decline. While the two have similar performances over the last six months, PepsiCo is just 6.2% off its highs vs. down 18% for Coca-Cola.

The stock’s reaction was relatively muted to its last earnings beat, but bulls are hoping to get more of PepsiCo this time around. Can PepsiCo make new highs on earnings? 

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Trading PepsiCo Stock

Daily chart of PepsiCo stock.

Daily chart of PepsiCo stock.

Earlier this month, PepsiCo stock cracked below the 200-day moving average as the market was under pressure.

For an entire week, shares chopped below this key moving average. On the plus side though, the stock continued to hold $130 as support.

On Friday, PepsiCo stock closed above the 200-day moving average. Then on Monday, shares gapped higher, reclaiming several key areas, including the 20-day and 50-day moving averages, as well as the 78.6% retracement.

The stock is now consolidating that gap-up move, with a tight three-day range playing out so far this week.

Should we get a bullish reaction out of