PepsiCo price hikes lead to strong third-quarter earnings

Published

2 years ago

October 13, 2023

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Price hikes lifted PepsiCo’s profits in the third quarter, but the company says those increases are likely to moderate in the coming year.

Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has increased prices by double-digits.

The higher prices took a toll on demand, with sales volumes down 2.5%.

PepsiCo said some of that volume decline is strategic.

The company said it has been shrinking package sizes to meet consumer demand for convenience and portion control.

Units are growing much faster than volume, PepsiCo Chairman and CEO Ramon Laguarta said Tuesday in a conference call with investors.

But there is also some consumer pushback on prices. Consumers are looking for value and, in some cases, are trading down to cheaper stores.

I do think that we see the consumer right now being more selective, PepsiCo’s Chief Financial Officer Hugh Johnston said Tuesday on a conference call with investors.

Still, Johnston said convenience store sales and food service sales, which usually weaken in times of high consumer stress, are strong.

Johnston said Pepsi continues to see higher prices for commodities like grain and cooking oil.

In 2024, Pepsi expects inflation to be slightly higher than the 2% to 3% it was accustomed to before the pandemic.

Consumers should expect to see price increases roughly in line with inflation, he said.

Pepsi is watching the growing use of weight loss drugs like Ozempic, but so far their impact on the business has been negligible, Laguarta said.

They could be outweighed by other trends, including rising incomes in many countries and the growing popularity of snacking in place of meals.

Were seeing a lot of tailwinds that will continue to drive our categories, he said.

Pepsi shares were up 1.5% in morning trading.

In the third quarter, Frito-Lay North America sales volumes dropped 0.5% during the July-September period as net prices rose 8%.

North American beverage sales volumes dropped 6% as prices rose 12%.

Sales volumes in Europe were flat. Sales volumes in Latin America dropped 5%.

Net pricing includes price hikes as well as changes in the mix of products sold and smaller package sizes.

In prepared remarks Tuesday, PepsiCo said consumers are gravitating toward smaller packages for convenience and portion control.

Net revenue was $23.4 billion, the company said Tuesday. That was in line with Wall Streets expectations, according to analysts polled by FactSet.

Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share.

That beat the $2.15 per share that analysts had forecast.

Pepsi now expects its full-year earnings per share to increase 13%, up from previous projections of 12%, due to the strength of its sales and cost-cutting efforts.

Environment

PowerUp America is adding 100 new fast chargers in the Southeast

Published

2 hours ago

November 4, 2025

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PowerUp America is adding 100 new fast chargers in the Southeast

DC fast charger PowerUp Kempower — Image: PowerUp America

Tennessee EV charging infrastructure developer PowerUp America just ordered a minimum of 100 new DC fast chargers in Q3 from Kempower, the Finnish company with a manufacturing hub in North Carolina.

PowerUp America, a relatively new player in the DC fast-charging station scene, is preparing to launch its first-ever DC fast-charging station in Kentucky by the end of the year.

These chargers are headed to NEVI-funded sites, which means they must all comply with the Build America, Buy America rules. PowerUp America posted on X/Twitter in October that the 400 kW chargers were already rolling off Kempower’s manufacturing line.

🚀 ROLLING OFF THE LINE IN NORTH CAROLINA!

Our Kempower DC Fast Chargers are officially off the manufacturing floor and ready to power the road ahead. ⚡

Huge shoutout to our partners at @KempowerOyj for delivering world-class technology that keeps America charging forward.… pic.twitter.com/hnzQhIWZMC

— PowerUp America (@powerup_america) October 20, 2025

Here’s where they’re going, in addition to the fast charging station in Manchester, Kentucky: five new stations in Tennessee and two in Virginia. That Kentucky site features amenities such as pull-through stalls for easy towing, a full turning radius, a canopy for shade and weather protection, and on-site facilities (likely including snacks and restrooms – you know the drill).

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Each charger will offer both CCS1 and NACS connectors and will support tap-to-pay or app-based payments.

Josh Turner, CEO of PowerUp America, said, “Every new site is more than just a charger; it’s an investment in local economies, workforce development, and the transportation future we’re building across the Southeast.”

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Technology

Trump renominates Musk ally Jared Isaacman to run NASA months after withdrawal

Published

2 hours ago

November 4, 2025

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Trump renominates Musk ally Jared Isaacman to run NASA months after withdrawal

Jared Isaacman, U.S. President Donald Trump’s nominee to be administrator of the National Aeronautics and Space Administration (NASA) testifies during a Senate Commerce, Science, and Transportation confirmation hearing on Capitol Hill in Washington, D.C., U.S., April 9, 2025.

Ken Cedeno | Reuters

President Donald Trump has renominated Jared Isaacman to run NASA after pulling his prior nomination months ago due to what the president called a “thorough review of prior associations.”

“Jared’s passion for Space, astronaut experience, and dedication to pushing the boundaries of exploration, unlocking the mysteries of the universe, and advancing the new Space economy, make him ideally suited to lead NASA into a bold new Era,” Trump wrote in a post on Truth Social on Tuesday.

Isaacman, who is friends with Tesla CEO Elon Musk, was originally picked to lead NASA in December, before Trump had even taken office. Isaacman is a billionaire who founded payments company Shift4 and has led two private spaceflights.

But Trump pulled the nomination in late May after a spat between the president and Musk, who had been leading a White House effort to slash the size of the federal government. Trump said at the time that he was withdrawing the pick because of Isaacman’s past associations, though he didn’t specify what those were. Some reports have suggested that it was a reference to Isaacman’s prior donations to Democrats.

Days after the withdrawal, Isaacman told Shift4 investors in a letter that his “brief stint in politics was a thrilling experience.” He also said that he was resigning as CEO of Shift4, which he founded in 1999 at age 16, and would assume the role of executive chairman. He had been planning to leave the company if his nomination was confirmed by the Senate. But it never got that far.

Transportation Secretary Sean Duffy has been running NASA as interim head since July.

Isaacman still must go through the Senate confirmation process. The federal government has been shut down since the beginning of October, but the Senate is still able to confirm presidential nominees.

WATCH: Trump renominates Jared Isaacman to run NASA

Pres. Trump re-nominates fmr. Shift4 Payments CEO Jared Isaacman to be head of NASA

US

Plane crashes near airport in Kentucky

Published

2 hours ago

November 4, 2025

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A cargo plane has crashed near an airport in Kentucky.

Louisville Metro Police Department (LMPD) say officers are attending the scene of the accident near Louisville International Airport.

The force added: “LMPD and multiple other agencies are responding to reports of a plane crash near Fern Valley and Grade Lane.

“Grade Lane will be closed indefinitely between Stooges and Crittenden. Injuries reported.”

UPS said it has been notified of an incident involving one of its aircraft. In a statement on its website, the company said three people were on board.

A shelter-in-place order was also issued within five miles of the Kentucky airport, which is also home to UPS Worldport, the delivery firm’s largest package handling facility in the world.

The airport said that all arriving and departing flights are temporarily suspended, that the airfield is closed, and warned passengers should closely monitor their flights.

The US Federal Aviation Authority (FAA) said the crash happened around 5.15pm local time (10.15pm UK time) as the plane left the airport, bound for Honolulu in Hawaii.

It added that the aircraft was a McDonnell Douglas MD-11 plane, primarily used by cargo airlines.

Kentucky governor Andy Beshear added on social media: “First responders are onsite, and we will share more information as available.

“Please pray for the pilots, crew and everyone affected. We will share more soon.”

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