PepsiCo (PEP:US) stock rose on Tuesday after the beverage giant raised its annual profit outlook for the third time in the current year. This positive revision is attributed to higher pricing, which has helped counterbalance a decline in sales volumes.

PepsiCo’s Q3 results surpassed analyst expectations on both the top and bottom lines. Q3 organic sales growth remained strong at 8.8%, building on the 16.0% growth recorded in the same period last year. This outperformed consensus estimates of 8.2%. 

The growth was driven by a combination of favorable pricing and product mix, as well as resilience in various geographic regions and product categories. This healthy organic revenue growth contributed to a 16% increase in core EPS to $2.25, surpassing the FactSet consensus estimates of $2.15, respectively.

In light of these results, PepsiCo has raised its FY23 core constant currency EPS growth projection to 13%, up from the previous estimate of 12%. This upward revision exceeds the consensus estimates of around 12% prior to the earnings report.

While maintaining its organic revenue growth guidance at 10%, PepsiCo's management anticipates that FY24 will see organic growth and core constant currency EPS growth toward the higher end of the company's long-term growth algorithm of +4-6% and +HSD% (high-single-digit percentage), respectively. 

Congressman Bill Keating bought $15,000 - $50,000 worth of PEP shares back in August. His colleague, Mr. Daniel Goldman, invested $50,000 - $100,000 in PEP stock back in March this year.