LONDON (ShareCast) - (Sharecast News) - Snack and beverage multinational PepsiCo said on Tuesday that second-quarter net sales had surged as a result of returning demand for its products from restaurants and food-service clients.
PepsiCo posted a 20.5% increase in quarterly revenues to $19.22bn, pushing earnings per share to $1.72 each, ahead of expectations for a print of $1.53 per share, while organic revenues rose 12.8%.

Net income was $2.36bn, up from $1.65bn a year ago.

The New York-based company's North American beverage business revealed organic revenue growth of 21%, while volume for its drinks soared 15% and foodservice revenue doubled during the quarter.

PepsiCo also raised its full-year adjusted earnings per share outlook, stating it now expects full-year constant currency earnings per share growth of 11%, up from previous estimates for high-single-digit growth but narrowed its forecast for 2021 organic revenue growth from mid-single digits to 6%.

Chairman and chief executive Ramon Laguarta said: "Our results give us confidence that the investments behind our Faster, Stronger and Better framework are working - as we invest in our brands, supply chain and go-to market systems, manufacturing capacity, capabilities and culture, and our society by integrating purpose into everything we do.

"Moving forward, we remain focused on winning in the marketplace and building competitive advantages that will position us well as consumer habits and preferences evolve over time."

As of 1350 BST, PepsiCo shares were up 1.26% in pre-market trading at $151.40 each.

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