American multinational food and beverage company reported quarterly earnings and Revenue that exceeded the analyst expectations. The company has also decided to raise the pay for Doritos, Quaker oatmeal, and Gatorade. Due to the Revenue, the company has decided to raise the full-year forecast for organic Revenue growth.
The company shares were down less than 1%. The company reported its earnings per share as $1.29 adjusted and the analyst expected $1.23. The multinational beverage company also added that the company’s Revenue is $16.2 billion and the analyst expected $15.56 billion.The beverage company also reported that $193 million impairment charge after taxes as it tries to discontinue or move some of its dairy brands in Russia. The charge cost the company 14 cents per share in profits. After taxes, a $241 million impairment charge connected to the Russia-Ukraine war reduced earnings by 17 cents per share.
Some critical items, such as infant formula, milk, and baby food, will continue to be sold, according to the business.The firm earned $1.29 per share after accounting for the sale of its juice business, the Russian impairment charge, and other things, above the $1.23 per share projected by analysts polled by Refinitiv.