PepsiCo Inc. reported third-quarter earnings per share of $1.49 on a GAAP basis, up 9% year over year, as reported net revenue increased 1.3% to $16.24 billion.
The reported operating profit surged 6% to $2.99 billion.
"Overall, our businesses performed well in the third quarter in what continues to be a challenging environment," Chairman and CEO Indra Nooyi said. "Each of our operating sectors delivered results in line with or ahead of our expectations, with the exception of North America Beverages where revenues declined following two consecutive years of very strong third-quarter growth."
Core EPS came in at $1.48 on a non-GAAP basis, up 6% annually. The company said it expects core earnings per share of $5.23 for 2017.
"Although we have moderated our full-year organic revenue growth outlook, we are now on track to exceed the full-year earnings per share target we set at the beginning of the year," Nooyi added.