PepsiCo (NYSE:PEP) announced on Wednesday that it earned $1.9 billion during the third quarter, down 5% from $2 billion in the same period last year. Adjusted EPS came in at $1.20, beating the $1.16 that analysts had anticipated, the Associated Press noted.
The soft-drink and snack-food maker reported quarterly revenue of $16.65 billion, down 5% from last year. That fell short of the $16.96 billion that Wall Street had forecast.
Shares of PepsiCo rose fractionally in Wednesday morning trading.
Company officials attributed the lower revenues to the impact of a rising U.S. dollar on international sales as well as operational adjustments. Removing these factors, revenue increased 5% over last year, driven by price increases and a 1% rise in overall sales volume.
PepsiCo reiterated its earlier forecast that full-year revenue for 2012 will be 5% less than last year.
Yesterday, PepsiCo’s traditional soft-drink rival Coca-Cola (NYSE:KO) reported higher earnings in line with analysts’ predictions, but fell narrowly short of estimates on revenue that inched up 1% compared to last year.