Shares of PepsiCo Inc. $(PEP)$ were climbing 2% toward a three-month high in premarket trading Thursday, after the beverage and snack giant reported surprise growth in second-quarter revenue, as volume declines slowed, and kept its full-year outlook intact.

Core earnings per share, which excludes nonrecurring items, fell to $2.12 from $3.59 in the same period a year ago, but above the average analyst estimate compiled by FactSet of $2.03.

Revenue grew 1% to $22.73 billion, while the FactSet consensus was for a decline to $22.27 billion.

Organic volume growth, which excludes volume attributed to acquisitions, was negative 1.5%, an improvement from the 2% decline in the first quarter, while effective net pricing increased 3%.

For 2025, the company said it expects core EPS, excluding the impact of currency moves, to be even with a year ago, compared with previous guidance of "approximately even."