PepsiCo Reports Profit, Revenue Growth on Strong Snack Sales

By Matt Grossman

PepsiCo Inc. Thursday posted higher revenue and net earnings for the latest quarter year over year, as higher sales from its North American snack divisions and its African and Asia-Pacific operations boosted the company's results as the coronavirus pandemic continued.

The Purchase, N.Y.-based drink and snack maker logged a third-quarter profit of $2.29 billion, or $1.65 a share, compared with a profit of $2.1 billion, or $1.49 a share, in the same three-month period a year earlier.

On an adjusted basis, PepsiCo's profit was $1.66 a share. Analysts surveyed by FactSet had forecast an adjusted profit of $1.49 a share.

Revenue was $18.09 billion, up 5.3% from $17.19 billion in last year's third quarter. Analysts had expected revenue of $17.21 billion.

Revenue from PepsiCo's Africa, Middle East and South Asia region grew 31% year over year, while revenue from its Asia Pacific, Australia and New Zealand and China region was up 15%.

Revenue from PepsiCo's Frito-Lay, Quaker Foods and PepsiCo Beverages divisions in North America all rose by rates in the middle single digits.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

October 01, 2020 06:36 ET (10:36 GMT)

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