Higher sales of Frito-Lay snacks helps boost PepsiCo profit

PURCHASE, N.Y. (AP) — PepsiCo had softer soda sales in the U.S., but higher sales of its Frito-Lay snacks helped the company’s third-quarter profit rise 8 percent from the same period a year ago.

Sales of its beverages in North America, its biggest market, fell 3 percent in the quarter. Sales at its North America Frito-Lay business, which makes Cheetos, Fritos and Tostitos, rose 3 percent.

Overall, the company reported net income of $2.14 billion, or $1.49 per share, in the 12 weeks ending Sept. 9. That compares with $1.99 billion, or $1.37 per share, in the same quarter a year ago. Adjusted earnings were $1.48 per share, beating the $1.48 per share analysts expected, according to Zacks Investment Research.

Revenue rose 1 percent to $16.24 billion, missing the $16.41 billion analysts had expected.

The Purchase, New York, said it now expects its earnings for the full year to be $5.23 per share, up from its previous forecast of $5.13 per share.

Shares of Pepsico Inc. slipped 65 cents to $108.49 before the stock market opened on Wednesday.