PepsiCo’s first-quarter earnings beat Wall Street expectations after strong consumer demand for soda and snacks, and as the company raised its prices to combat high inflation.
Global consumer goods companies have raised prices to battle sky-rocketing costs of everything from aluminum cans to labor and shipping since the supply-chain disruptions during the pandemic and aggravated by the Russia-Ukraine conflict.
Meanwhile, the Frito-Lay maker also plans to raise prices in some regions, in stark contrast to its decision earlier this year to hit a pause."We do not expect commodity prices to decrease for us, only the rate of inflation will get a little bit lighter during the course of the year," Chief Financial Officer Hugh Johnston told Reuters.
The company reported adjusted earnings of $1.50 per share on $17.85 billion in sales for the quarter ending March 25, after analysts predicted earnings of $1.38 a share on sales of $17.24 billion. Ticker
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