on Tuesday reported that its quarterly revenue rose more than 20% from a year earlier as restaurant demand for its drinks returned, fueling an earnings beat."A lot of the things we did through the pandemic, continuing to invest in the business, are now paying dividends now that mobility has increased and consumers are getting out more," CFO Hugh Johnston said on CNBC's "Squawk Box" on Tuesday.
Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $19.22 billion vs. $17.96 billion expected Excluding items, the company earned $1.72 per share, beating the $1.53 per share expected by analysts surveyed by Refinitiv.surged 20.5% year over year to $19.22 billion, topping expectations of $17.96 billion. Organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, rose 12.8%.
The Quaker Foods North America business was the only division to report sinking organic revenue. Its volume fell 21%, pushing organic revenue down by 14%. The same time a year ago, the segment saw organic sales surge 23% as consumers ate more breakfast at home, fueling demand for its maple syrup and oatmeal. Pepsi said that the division's organic revenue was up 9% on a two-year basis. Prior to the pandemic, it was the weakest part of Pepsi's business.