PepsiCo Inc. said its normalized net income for the fiscal third quarter ended Sept. 5 came to $1.11 per share, compared with the S&P Capital IQ consensus estimate of $1.26 per share.
In the prior-year period, the per-share result came in at a profit of $1.11.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.65 billion, a decrease from $1.69 billion in the year-earlier period.
The normalized profit margin rose to 10.1% from 9.8% in the year-earlier period.
Total revenue fell 5.2% year over year to $16.33 billion from $17.22 billion, and total operating expenses decreased 5.9% on an annual basis to $13.46 billion from $14.30 billion.
Reported net income fell 73.5% on an annual basis to $533.0 million, or 36 cents per share, from $2.01 billion, or $1.32 per share.