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Major consumer goods companies hiked prices to battle skyrocketing costs of everything from aluminum cans to labor and shipping resulting from supply-chain disruptions due to the pandemic and compounded by the Russia-Ukraine conflict.
In February, the Frito-Lay maker said it would not raise prices of its products further in contrast to rival Coca-Cola (NYSE:KO).
PepsiCo’s average prices jumped 16% for the quarter, while organic volume slipped 2%.
The company said it expects 2023 organic revenue to rise 8%, compared with its prior forecast of a 6% increase.
PepsiCo now sees annual core earnings per share of $7.27, compared with $7.20 earlier.
