PepsiCo, Inc. (NASDAQ:PEP) reported its Q2 results, with EPS of $1.86 coming in better than the Street estimate of $1.74. Revenue was $20.23 billion, beating the Street estimate of $19.51 billion.

The company reiterated its full 2022-year EPS guidance of $6.63, compared to the Street estimate of $6.66. The company anticipates to deliver 10% organic revenue growth for 2022.

Although this outlook embeds higher H2 organic sales growth of approximately 7.5% (vs. Street’ 6%) and lower EPS of $3.48, analysts at Deutsche Bank expect the stock price to reflect (1) some reassurance that 2022 EPS remains intact despite rising cost/FX headwinds, and (2) some belief that the company’s outlook embeds a degree of conservatism in light of H1/Q2 strength.