PepsiCo on Tuesday reported quarterly earnings and revenue that topped analyst expectations, as consumers paid more for their Doritos, Quaker oatmeal and Gatorade.

The company’s strong performance prompted it to raise its full-year outlook for organic revenue growth.

In premarket trading, shares were flat for the company.

Based on an analysis of Wall Street analysts, here’s the report from the company.

• Earnings per share: $1.29 adjusted vs. $1.23 expected
• Revenue: $16.2B vs. expected $15.56B

Pepsi’s first quarter net income was $4.26 Billion, which is $3.06 per share. This compares to $1.71 Billion, or $1.24 a share, one year ago.

As it attempts to reposition or discontinue some of its Russia-based juice and dairy brands, the food and beverage company reported an impairment charge for $193 Million after taxes. This charge caused a 14-cent drop in its share price. Additional impairment charges of $241 millions after taxes related the Russia-Ukraine war weighed down its earnings by 17c per share.

Pepsi launched March. joined a host of other Western countriesWhile it suspended certain Russian businesses, it was not able to stop all sales as a rival. Coca-Cola. Pepsi earns about 4% in Russia each year, which makes it one of the most important markets for its products. Pepsi indicated that they will continue selling essential products such as baby formula, milk, and baby food.

The exclusion of the sale of its juice businessThe Russian impairment charge, and other items, led to the company earning $1.29 per shares, exceeding the expected $1.23 per sharing by Refinitiv analysts.

Net sales This was 9.3% higher than expected at $15.56 billion. The increase in prices largely explains the 13.7% rise in organic revenue.

Volume growth in North America by the company was 3%. Pepsi launched Hard Mtn Dew in the United States this quarter, in partnership with Boston Beer.

Frito-Lay North America’s volume increased by 1% during the quarter. However, the segment’s organic revenues grew 14%. According to Frito-Lay North America, Lay’s Ruffles, Cheetos, and Lay’s had double-digit revenue growth.

Quaker Foods, the North American only business unit that reported shrinking volumes during the quarter, was Quaker Foods. This segment is struggling to retain the customers it won during the initial days of the pandemic. Pepsi still claims it has market share in light snack, rice and pasta and ready-to-eat cereal categories.

Pepsi is now expecting organic revenue growth to grow by 8% in the whole year. That’s up from its earlier forecast of only 6%. Pepsi reiterated its full-year forecast of core earnings per share growth at 8%.

Read the full press release here.

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