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PepsiCo Inc. (NYSE: PEP) today reported better-than-expected third quarter results, helped by strong sales of healthy snacks and robust growth overseas.
Net income rose 17% to $1.74 billion, or $1.06 a share, from $1.49 billion, or 89 cents, a year earlier. Sales rose 11 percent to $10.2 billion. Excluding a one-time gain, the Purchase, New York company's results beat Wall Street expectations by 3 cents.
"Our third quarter performance was very strong, with double-digit revenue and operating profit growth," said Indra Nooyi, the company's chairman and chief executive in the earnings release. "All of the Company's operating divisions successfully navigated through an environment of higher input costs in order to deliver balanced top- and bottom-line performance."
PepsiCo reiterated its previous guidance for full year earnings of at least $3.35 per share and slightly rose its cash flow from operations forecast to be at least $7 billion. Capital spending is seen at about $2.6 billion.
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