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Issue Date: Vol. 50, No. 11, November 2010, Posted On: 10/14/2010

Pepsi Posts 12% Rise In Q3 Income, Lowers FY Target

Emily Jed
PepsiCo, PepsiCo third quarter, Frito-Lay, Pepsi, vending, vending machine business, Mehmood Khan

PURCHASE, NY -- PepsiCo saw net income rise 12% in the third quarter, but lowered its yearend forecast, citing a challenging macroeconomic environment.

Net income rose to $1.9 billion, or $1.19 a share, during the third quarter, up from $1.7 billion during the same period a year earlier. Revenue jumped 40% from $11.1 billion to $15.5 billion during the comparable 2009 quarter.

Boosting third-quarter results was the $7.8 billion acquisition of PepsiCo's two largest bottlers and distributors, which included a licensing deal with rival Dr. Pepper Snapple Group. [see story]

PepsiCo reported revenue gains across all of its business units, including beverages around the world and snacks, with the exception of Quaker, which has been struggling in the U.S.

For the full year, citing an environment of economic uncertainty, PepsiCo lowered the top end of its forecasted growth range of 11% to 12%, down from 11% to 13% earlier projected.

Separately, Pepsi announced that it is creating the Global Nutrition Group to help it develop new products, across its beverage and snack portfolio, with reduced sodium, sugar and certain fats. Earlier this year, the company said it was setting out to triple its sales of healthier fare in the next decade to $30 billion. The nutrition group will be based in Chicago. The company's chief scientific officer, Mehmood Khan, has been named group chief executive.

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