PepsiCo reported a 9% year-over-year increase in third-quarter revenue to $21.97 billion, beating analysts’ estimates of $20.84 billion.
The company, which owns Gatorade, Mountain Dew beverages, and Frito-Lay, posted $2.7 billion in net income, up from $2.22 billion during the same period last year. Organic revenue increased 16% year-over-year.
During the quarter ending Sept. 3, the company expanded its energy and sports drink portfolio.
- In August, PepsiCo acquired a $550 million stake in Celsius Holdings, which offers fitness-focused energy drinks.
- In September, it launched caffeinated energy drink Gatorade FastTwitch with the NFL. The drink will hit stores in February 2023, but it’s available on NFL sidelines this season.
The company also acquired Rockstar for $3.85 billion in 2020.
PepsiCo will keep its energy drink portfolio due to the highly segmented market, according to CFO Hugh Johnston.
The company expects organic revenue growth of 12% for 2022.
Musk Truck
Elon Musk tweeted last week that Tesla’s Semi electric commercial trucks will make its first deliveries to PepsiCo on Dec. 1. PepsiCo reserved 100 of the trucks in 2017, which are expected to cost $180,000 each. The truck would reportedly qualify for a tax break of up to $40,000.
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