PepsiCo 3Q profit climbs on cost cuts; sales fall

PepsiCo Inc. said Thursday that its fiscal third-quarter profit rose 9 percent, in part on cost-control efforts, even as revenue dropped on weak beverage sales.

The Purchase, N.Y., maker of drinks and Frito-Lay snacks earned $1.72 billion, or $1.09 per share, in the three months ended Sept. 5. That's up from the $1.58 billion, or 99 cents per share, a year ago.

The results beat expectations of analysts polled by Thomson Reuters, whose estimates typically exclude one-time items, forecast profit of $1.03 per share.

PepsiCo, which also sells the Gatorade and Tropicana brands, said its sales slipped 1 percent to $11.08 billion from $11.24 billion. The results fell short of Wall Street's $11.25 billion estimate.

Read Full Article from The Associated Press

- Posted: 2009-10-08 12:59:30

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