PepsiCo is optimistic in its outlook for the coming year, raising its revenue expectations despite a slight drop in revenue for the quarter.
Sales for the third, quarter ending Sept. 4, reached $20.19 billion, up 11.6% from the third quarter of last year. However, profit fell 3%, to $2.22 billion.
The company said it expects organic revenue to grow 8% this year, more than a previous prediction of 6%. Like most food & beverage companies, it is grappling with higher prices for materials, labor and transportation.
PepsiCo is “carefully navigating a dynamic and volatile supply chain and cost environment,” CEO Ramon Laguarta told the Wall Street Journal.
