PepsiCo has raised its full year profit outlook based on its year-to-date results

PepsiCo has raised its full year profit outlook based on its year-to-date results

Shares in PepsiCo increased 3.5% today (23 July) on news the firm was raising its full year-earnings outlook.

PepsiCo posted a net profit increase of 3% to US$3.2bn for the first half of 2014 - the period ended 15 June. Operating profit was up 4% to US$4.7bn. Sales were flat at US$29bn.

Chairman and CEO Indra Nooyi said: "Despite operating in what continues to be a challenging and volatile macro environment, we are delivering consistent, strong results."

For the second quarter of 2014, PepsiCo reported sales growth of 0.5% to US$16.9bn, impacted by unfavourable foreign exchange and the 2013 re-franchising of the company's bottling operations in Vietnam.

Operating income was up 1.1% and net income fell 2% to US$1.9bn versus the same period last year.

Nooyi, however, expressed confidence PepsiCo could deliver on profit expectations for the year, based on the year-to-date. As a result, PepsiCo has increased its full-year EPS growth forecast from 7% to 8%.

Shares in PepsiCo were US$92.30 at 14.37 BST today (23 July).