PepsiCo’s Motors In 3Q, But Dollar Begins To Drag On Outlook
PURCHASE, N.Y. (AP) — PepsiCo is reporting better-than-expected third-quarter earnings and revenue, but shares are edging lower after the company warned of the effects that the strong dollar will have on its performance for the rest of the year.
The Purchase, New York, company had a profit of $2.5 billion, or $1.75 per share. Earnings, adjusted for one-time gains and costs, were $1.59 per share, or 3 cents better than Wall Street was expecting, according to a survey by Zacks Investment Research.
Revenue of $16.49 billion also topped forecasts.
But PepsiCo Inc. on Tuesday revised its full-year projections, saying it expects a 1 percentage-point headwind from currency rates.
Portions of 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