PepsiCo income climbs 17% in quarter

by FoodBusinessNews.net Staff
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PURCHASE, N.Y. — Net income for PepsiCo, Inc. for the third quarter ended Sept. 8 totaled $1.743 billion, equal to $1.06 per share on the common stock, up 17% from $1.494 billion, or 89c per share, during the same quarter of the previous year.

Net revenue was $10.171 billion, up 11% compared with $9.134 billion during the same quarter of 2006.

"Our third-quarter performance was very strong, with double-digit revenue and operating profit growth," said chairman and chief executive officer Indra Nooyi. "All of the company’s operating divisions successfully navigated though an environment of higher input costs in order to deliver balanced top-and bottom-line performance."

For Frito-Lay North America, operating profit in the quarter was $742 million, up 7% from $694 million during the same quarter of the previous year. Revenue in the segment was $2.8 billion, up 6% from $2.642 billion during the same quarter of 2006.

For PepsiCo Beverages North America, operating profit was $649 million, up 8% from $603 million during the same quarter of the previous year. Revenue was $2.698 billion, up 3% from $2.608 billion during the same quarter of 2006.

For PepsiCo International, operating profit was $707 million, up 19% from $595 million during the same quarter of the previous year. Revenue was $4.262 billion, up 22% from $3.482 billion during the same quarter of 2006.

For Quaker Foods North America, operating profit was $126 million, up 2% from $123 million during the same quarter of the previous year. Revenue was $411 million, up 2% from $402 million during the same quarter of 2006.

Ms. Nooyi said during the quarter partnerships with Unilever and Starbucks expanded internationally and that the company has strengthened its hydration portfolio in North America with product innovations and by leveraging the reach of bottling systems.

The company also affirmed its previous full-year guidance of at least $3.35 per share.

For the nine months ended Sept. 8, net income was $4.396 billion, up 15% from $3.816 billion during the same period of the previous year. Net revenue for the period was $27.128 billion, up 11% compared with $24.567 billion during the same period of the previous year.

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