PepsiCo tops Street 3Q forecasts

Markets Associated Press

FILE - In this Thursday, Aug. 18, 2016, file photo, a Pepsi truck delivers products to vendors at the Illinois State Fair in Springfield, Ill. PepsiCo reports financial results Thursday, Sept. 29, 2016. (AP Photo/Seth Perlman, File) (The Associated Press)

PepsiCo Inc. (PEP) on Thursday reported third-quarter earnings of $1.99 billion.

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On a per-share basis, the Purchase, New York-based company said it had net income of $1.37. Earnings, adjusted for non-recurring costs and restructuring costs, were $1.40 per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.

The food and beverage company posted revenue of $16.03 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $15.89 billion.

PepsiCo expects full-year earnings to be $4.78 per share.

PepsiCo shares have climbed 7.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has risen 16 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at http://www.zacks.com/ap/PEP

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Keywords: PepsiCo, Earnings Report, Priority Earnings