(Pepsi) Soda giant Pepsi has hiked its guidance for both the sales and earnings this year, following the double-digit climb recorded in the second quarter.
Pepsi expects organic revenue growth at 6% this year versus the previous guidance of mid-single-digit growth. The core earnings per share guidance was also hiked to 11% from high single-digit growth earlier.
Cash returns to shareholders were retained at $5.9 billion. This is composed of $5.8 billion in dividends and the already completed $106 million in share repurchases.
Organic revenue growth for the second quarter stood at 12.8%, with the core earnings per share up 27% to $1.72. Year-to-date organic revenue was up 8.0% and core EPS 21% to $2.94.
Chairman and Chief Executive Officer Ramon Laguarta said the firm will continue to focus on gaining more of the market and building competitive advantages that will position the company well over time.
Pre-tax charges are estimated at $3.15 billion, up from the previous forecast of $2.4 billion.
PEP is up 1.28% premarket.
