PepsiCo Inc raised its full-year revenue forecast on Tuesday, as the easing of pandemic restrictions boosts demand for sodas at theatres and restaurants.
Sales in PepsiCo's North America Beverage unit, the company's largest business, rose 7% in the third quarter as a reopening economy and the lifting of Covid-19 capacity restrictions encouraged people to return to public venues and drink its sodas.
The company reported double-digit net revenue growth from beverage sales to food-service joints.
The company said it was expecting fiscal 2021 organic revenue to rise about 8%, compared with its prior forecast of a 6% increase.
Net revenue rose 11.6% to $20.19 billion in the third quarter ended September 4, above analysts' estimates of $19.39 billion, according to IBES data from Refinitiv.
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