(Reuters) -PepsiCo beat Wall Street expectations for third-quarter revenue on Thursday, buoyed by resilient demand for its energy drinks, healthier sodas and salty snacks in the United States.
PepsiCo is facing activist pressure from Elliott Management, with the investor calling out the company for lagging behind main rival Coca-Cola, and pressing it to consider re-franchising its bottling network and selling non-core brands such as Quaker Oats.
The company reported quarterly net revenue of $23.94 billion, compared with analysts’ average expectations of $23.83 billion, according to data compiled by LSEG.
Over the past year, PepsiCo has focused on adding prebiotic sodas and energy drinks to its portfolio of products as consumers become health-conscious.
It is also working to rebrand its Lay’s and Tostitos chips to highlight the absence of food dyes and synthetic ingredients and is also introducing smaller pack sizes as consumers look for affordable options.
PepsiCo also maintained its annual targets for organic revenue growth and core earnings per share in constant currency.
The company reported quarterly adjusted earnings per share of $2.29, edging past analysts’ expectations of $2.26.
(Reporting by Prerna Bedi and Juveria Tabassum in Bengaluru; Editing by Anil D’Silva)
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