PepsiCo (NASDAQ:PEP) shares rose more than 2% yesterday after the company reported its Q1 earnings results, with EPS of $1.50 coming in better than the Street estimate of $1.38. Revenue was $17.85 billion, beating the Street estimate of $17.24 billion.

The company raised its full 2023-year guidance following a boost in prices, which allowed it to surpass Q1 estimates, despite facing higher input costs.

The company now expects full-year core EPS of $7.27 (vs. $7.20 prior), above the Street estimate of $7.26. Full-year organic growth is expected to be 8% (vs. 6% prior).