Dive Brief:
- PepsiCo reported net income of $2 billion in the third quarter, up from the $1.9 billion reported a year earlier and better than Wall Street had expected.
- The company cited strong sales of its snack brands, which include Doritos and Frito-Lay, for the results. Overall revenue rose to $17.22 billion from $16.91 billion a year earlier.
- The strong earnings come as good news for CEO Indra Nooyi, who has spent much of the past year fighting against calls by activist investor Nelson Peltz to break PepsiCo into two companies.
Dive Insight:
There seems to be no end in sight, at least in the intermediate term, to PepsiCo's good fortune. The company said it is increasing its full-year growth forecast. And PepsiCo's earnings come just days after the company announced the launch of a mid-calorie soda dubbed Pepsi True.
Rivals Coca-Cola and Dr Pepper Snapple will report their earnings in about two weeks.