PepsiCo 3Q profit climbs on snack, beverage sales

October 12, 2011 - 6:25 AM
Earns PepsiCo

This Oct. 10, 2011 photo shows cans of Pepsi, posed in Philadelphia. PepsiCo Inc.'s third-quarter profit rose 4 percent, benefiting from higher prices and strong sales of its snacks and beverages.(AP Photo/Matt Rourke)

PURCHASE, N.Y. (AP) — PepsiCo Inc.'s third-quarter profit rose 4 percent because of higher prices and strong sales of its snacks and beverages, especially overseas.

Food and beverage companies like PepsiCo have been raising prices to offset higher costs for ingredients, packaging and fuel.

The company, based in Purchase, N.Y., reported Wednesday that it earned $2 billion, or $1.25 per share, for the period ended Sept. 3. That's up from $1.92 billion, or $1.19 per share, a year ago.

Excluding acquisition-related charges and other one-time items, adjusted earnings were $1.31 per share. Analysts expected $1.30.

Revenue climbed 13 percent to $17.58 billion. That topped analyst expectations for $17.11 billion.

PepsiCo, whose products include Mountain Dew, Diet Pepsi and Lay's potato chips maintained its full-year forecast for high-single-digit earnings growth.