PepsiCo Inc. (PEP) announced its Q3 results with core earnings per share (EPS) of $2.25, exceeding analyst estimates. The company's net revenue saw a YoY growth of 6.7%, totaling $23.45 billion, in line with expectations.

The company's Frito-Lay North America, Quaker Foods North America, PepsiCo Beverages North America, and international regions all experienced organic revenue growth. Frito-Lay North America reported a 7% organic revenue increase, while Quaker Foods North America saw a 5% increase. PepsiCo Beverages North America's organic revenue grew by 6%. The Latin America, Europe, Africa, Middle East & South Asia, and Asia Pacific, Australia, New Zealand & China regions also reported organic revenue growth.

PepsiCo's CEO, Ramon Laguarta, stated that the company's businesses can continue to perform well in the coming years with expected normalizing category growth and investments made in manufacturing capacity, brands, technology, and people. 

As a result, the company expects its full-year 2023 core constant currency EPS to increase 13%, up from its previous expectation of 12%. PEP reaffirmed its outlook for organic revenue to increase by 10%. 

The company expects its full-year 2024 organic revenue and core constant currency EPS growth to be towards the upper end of its long-term targets. As a reminder, the company's long-term targets for organic revenue growth and core constant currency EPS growth remain unchanged at a 4-6% and high-single digit percentage increase, respectively.

Pepsico is studying the impact of weight-loss drugs on the snack industry. In an interview on CNBC, Pepsico CFO Hugh Johnston stated it is not seeing signs of demand being impacted materially.

In light of these results, PepsiCo's shares have increased by 2.8% in pre-market trading. Overall, PepsiCo's strong Q3 performance and optimistic outlook for the future demonstrate the company's ability to navigate industry challenges and deliver consistent growth for its shareholders.