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Shares of PepsiCo Inc. jumped more than 3.0% in premarket trade on Thursday. Despite sliding revenue, the New York-based company reported much-better-than-anticipated results and raised its earnings forecast for the full year before the market open.
The beverage and snack giant’s fiscal third-quarter net earnings rose to $1.99 billion, or $1.37 a share, from $533 million, or 36 cents a share, in the same period a year ago. Results in the same quarter last year were dented by a $1.36 billion impairment charge related to its Venezuelan de-consolidation. The markets had expected earnings of $1.32 a share.
PepsiCo reported that revenue declined to $16.03 billion from $16.33 billion, which still beat the $15.83 billion revenue target projected by analysts. A strong dollar continued to weigh on results abroad, leading to declining sales in its Quaker Foods unit in North America, Latin America, Asia, Middle East and North Africa. Excluding the effects of weakening foreign currencies, the company’s revenue grew at a pace of 4.2% last quarter, with sales reaching $16 billion, topping the estimates calling for $15.8 billion.
It were PepsiCo’s North American beverage and Frito-Lay divisions that boosted the company’s results in the quarter, coupled with cost-cutting measures that have sustained profitability.
Looking ahead, the world’s largest snack and beverage maker raised its earnings forecast, expecting full-year core earnings per share of $4.78, compared with a previous forecast for $4.71.
Fig: PepsiCo D1 Technical Chart
PepsiCo shares have been stuck between the resistance at 107.80 and the support at 106.74 (which is also the 23.6% Fibonacci retracement level) since last Thursday. Basically, investors buying into the company’s stocks still outweigh the sellers as the market still remains in the overbought zone. While the RSI is currently above 50, DMA20 and DMA50 are currently placed below the price action, suggesting further up-moves.
Buy Digital Call Options from 107.80 to 110.50 valid until 20:00 GMT September 29. 2016