PepsiCo Inc raised its full-year earnings per share guidance and said that its quarterly profit increased as the company's snack sales rose. The company, which sells Frito-Lay snacks as well as beverage brands like Mountain Dew and Tropicana, said that net income was $2 billion, or $1.32 a share, in the third quarter ended September 6, up from $1.9 billion, or $1.23 a share a year earlier.
The company increased its full year earnings per share growth forecast to 9 percent from 8 percent before taking into account currency impacts.
Revenue, excluding the impact of currency translation and changes to PepsiCo's business, rose 3.1 percent. Overall revenue, which includes currency impacts, was $17.2 billion, up 2 percent from a year earlier.
"We delivered good third quarter results in the face of an ongoing challenged macroeconomic environment driven by increasing volatility in the emerging markets and continued sluggish consumer demand in developed markets," said Chairman and CEO Indra Nooyi.
The earnings come as activist investor Nelson Peltz's Trian Fund Management is urging the company to split its more successful snack division from its sluggish beverage business.
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