By Dave Sebastian
PepsiCo Inc. said it raised its full-year guidance as it posted higher profit and sales for the recent quarter.
The food-and-beverage company on Tuesday said it expects organic revenue to grow 6%, compared with its prior guidance of mid-single-digit growth. It sees core constant currency per-share earnings growing 11%, compared with its prior outlook of high-single-digit growth. PepsiCo expects 2021 adjusted earnings of $6.20 a share.
The company said it is extending its target to have at least $1 billion in productivity savings through 2026. It said it expects to incur pretax charges of about $3.15 billion, including cash expenditures of about $2.4 billion, compared with its prior estimate of pretax charges of about $2.5 billion, including cash expenditures of about $1.6 billion.
The company continues to expect a core annual effective tax rate of about 21% and csah returns to shareholders of about $5.9 billion for 2021.
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(END) Dow Jones Newswires