Pepsi's stock climbs after profit and sales beat, upbeat outlook
Shares of PepsiCo Inc. climbed 2.3% in premarket trade Thursday, after the beverage and snack giant reported better-than-expected fiscal third-quarter results and provided an upbeat outlook. Net earnings rose to $1.99 billion, or $1.37 cents a share, from $533 million, or 36 cents a share, in the same period a year ago, the reflect the impact of the Venezuela impairment charge in 2015. The FactSet consensus for earnings per share was $1.32. Revenue declined to $16.03 billion from $16.33 billion, but beat the FactSet consensus of $15.87 billion. Growth in the Frito-Lay North America and North America beverage business was offset by sales declines in its Quaker Foods North America, Latin America and Asia, Middle East and North Africa. Looking ahead, Pepsi expects full-year core EPS of $4.78, above the FactSet consensus of $4.76. The stock had climbed 7.5% year to date through Wednesday, while the S&P 500 had gained 6.2%.
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