PepsiCo (NASDAQ: PEP) shares gained more than 7% since the company’s reported Q3 results on Wednesday.

Q3 EPS came in at $1.97, better than the Street estimate of $1.84. Revenue was $21.97 billion, beating the Street estimate of $20.78 billion. Organic sales grew a strong 16% year-over-year, which equates to 12.5% on a 2-year average basis. The company beat organic sales expectations in all segments.

Given the momentum of the business, the company raised organic topline growth guidance to 12% (vs. prior 10%) for the third consecutive quarter. The company's increased organic topline growth guidance was mainly driven by better-than-expected price elasticities. For the full 2022-year, the company expects EPS of $6.73, above the Street estimate of $6.67.