PepsiCo Posts $2.7B Profit

The company's quarterly results surpassed Wall Street expectations.

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PURCHASE, N.Y. (AP) β€” PepsiCo Inc. on Wednesday reported third-quarter net income of $2.7 billion.

On a per-share basis, the New York-based company said it had profit of $1.95. Earnings, adjusted for one-time gains and costs, were $1.97 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share.

The food and beverage company posted revenue of $21.97 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $20.88 billion.

PepsiCo expects full-year earnings to be $6.73 per share. Shares of the company rose 3.4% after raising its profit forecast.

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