PURCHASE, N.Y. (AP) — PepsiCo Inc. has reported third-quarter profit of $2.1 billion. On a per-share basis, the Purchase, New York-based company said it had net income of $1.49. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, came to $1.56 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.
The food and beverage company posted revenue of $17.19 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $16.96 billion. PepsiCo expects full-year earnings to be $5.50 per share.
PepsiCo shares have climbed 21 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 15 percent. The stock has increased 23 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP