PepsiCo (NYSE: PEP) said Wednesday its third-quarter earnings topped Wall Street expectations, despite weak sales at its North American beverage business, which led to a miss on the top line.
While the bottled soft-drink giant expects its business is on track to exceed full-year earnings targets, the company moderated expectations for full-year organic revenue growth.
The owner of Frito-Lay snacks and Pepsi cola said third-quarter net income rose to $2.14 billion, or $1.49 per share, from $1.99 billion, or $1.37 per share, a year earlier. Excluding items, the company earned $1.48 per share, beating expectations of $1.43 per share, according to Thomson Reuters. It increased operating profit by 6%
Revenue was $16.24 billion versus an estimate of $16.31 billion. Organic revenue, which excludes the impacts of foreign exchange translation and structural changes, grew 1.7%.
PepsiCo reported earnings of $1.48 a share, adjusted, beating what Wall Street was expecting, based on a Thomson Reuters survey of analysts. Revenue was $16.24 billion versus an estimate of $16.31 billion.
The Purchase, New York-based company trimmed its full year revenue growth target, expecting growth to be about 2.3%, its growth rate in the year-to-date period, from a prior estimate of at least 3%.
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world.. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
The shares opened trading in New York 45 cents lower than Tuesday’s close to $108.64
