On Thursday morning, American multinational food, snack, and beverage corporation, PepsiCo (NYSE: PEP) has announced third quarter earnings topping analyst expectations. The company reported EPS of $1.40 on revenues of $16.03 billion, compared to consensus estimates EPS of $1.32 on revenues of $15.83 billion. PepsiCo is the parent company of Pepsi, Frito-Lay, Tropicana, Gatorade, and Quaker Foods.
“We are pleased with our results for the third quarter and year to date. We are executing our strategy well and managing what is in our control. Our product portfolio, geographic mix and capability centers are enabling us to deliver balanced revenue and productivity,” said Chairman and CEO Indra Nooyi. “Based on our year-to-date performance and our outlook for the fourth quarter, we are raising our full-year core constant currency EPS growth objective.”
As reported by WSJ, the company also got a boost from is North American beverage unit, where volumes rose 2% in the third quarter after being flat in the first half. Executives pointed to strong growth in noncarbonated beverages, including Naked juice, Pure Leaf tea and Propel electrolyte-enhanced water. That is offsetting declines in sodas, particularly Diet Pepsi, as consumers avoid artificial sweeteners.