PepsiCo Inc. said on Tuesday third-quarter earnings dropped to $533 million, or 36 cents a share, from $2 billion, or $1.32 a share, in the year-ago period. On an adjusted basis, the drinks maker earned $1.35 in the quarter, beating analyst forecasts of earnings of $1.26 a share. The adjusted number excludes 92 cents per share of Venezuela charges as well as other smaller charges, the company said. Revenue for the period fell 5% to $16.33 billion from $17.22 billion last year, exceeding forecasts. For the full year, PepsiCo said it expects foreign-exchange translation to negatively impact core EPS by 11 percentage points. Shares rose 2.9% ahead of the bell.
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