PepsiCo income rises 9% in quarter

by FoodBusinessNews.net Staff
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PURCHASE, N.Y. — Partly driven by increased volume growth in global snacks and beverages, income for PepsiCo, Inc. climbed 9% during the third quarter.

Income for the quarter ended Sept. 5 was $1,717 million, equal to $1.09 per share on the common stock, which compared with $1,576 million, or 99c per share, during the same quarter of the previous year. Revenue for the quarter was $11,080 million, down 2% from $11,244 million.

"PepsiCo’s diversified food and beverage portfolio and our advantaged business model continued to drive solid results this quarter," said Indra Nooyi, chairman and chief executive officer. "Our teams around the world leveraged PepsiCo’s agile go-to-market system to deliver our brands at differentiated value to consumers, who are still feeling the pinch of the global recession despite improving macroeconomic indicators."

Operating profit for the Frito-Lay North America division was $822 million, up 5% from $785 million during the same quarter of the previous year. Revenue for the quarter was $3,198 million, up 5% from $3,057 million.

Quaker Foods North America had an operating profit of $131 million, down 1% from $134 million during the same quarter of the previous year. Revenue for the segment was $418 million, up 7% from $391 million.

Latin America Foods had an operating profit of $199 million, down 11% from $225 million during the same period of the previous year. The segment had revenue of $1,396 million, down 10% from $1,544 million.

For the nine months ended Sept. 5, the company as a whole posted income of $4,512 million, or $2.87 per share, up 2% from $4,423 million, or $2.74 per share, during the same period of the previous year. Revenue for the nine months was $29,935 million, down 2% from $30,522 million during the same period of the previous year.

"We will continue to make targeted investments across our entire portfolio, and we expect these to ramp up next year as we begin to realize the benefits of the integration of our two anchor bottlers," Ms. Nooyi said. "These investments in innovation, infrastructure, key markets and people development, coupled with our operating agility and focus, give me great confidence in both the near and long-term growth prospects of PepsiCo."

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