PURCHASE, New York — PepsiCo Inc. (PEP) on Tuesday reported third-quarter net income of $533 million.
The Purchase, New York-based company said it had profit of 36 cents per share. Earnings, adjusted for asset impairment costs and non-recurring costs, were $1.35 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The food and beverage company posted revenue of $16.33 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $16.19 billion.
PepsiCo shares have risen slightly more than 1 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased 3.5 percent. The stock has climbed 2.5 percent in the last 12 months.
Keywords: PepsiCo, Earnings Report, Priority Earnings