PepsiCo sees strong annual profit as snacks, sodas thrive in pandemic

Sales of snacks under the company's Frito-Lay North America unit, rose 7% in the quarter

PepsiCo Inc forecast full-year profit above market expectations on Thursday after a rebound in soda sales and increased demand for the company's snacks during the Covid-19 crisis helped drive quarterly sales higher.

The packaged food company beat revenue and profit estimates for the third quarter, sending its shares up 2 per cent in premarket trading.

People spending more time working from home and taking online classes has led to a rise in demand for salty snacks, boosting demand for PepsiCo’s Tostitos, Cheetos and Doritos from households across North America.

Sales of snacks under the company’s Frito-Lay North America unit, rose