5:02 AM
PepsiCo trims top end of forecast
Addison Ray
DETROIT | Thu Oct 7, 2010 7:37am EDT
DETROIT (Reuters) - PepsiCo Inc (PEP.N) trimmed the top end of its full-year earnings forecast and reported a quarterly profit on Thursday that met analysts' expectations.
The soft drink and snack maker said net income was $1.92 billion, or $1.19 a share, in the third quarter, compared to $1.72 billion, or $1.09 a share, a year earlier.
Excluding items, earnings were $1.22 a share, matching what analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue rose 40 percent to $15.5 billion, helped by the acquisition of its two largest bottlers.
The $7.8 billion deal closed in late February with the aim of cutting costs and streamlining the distribution of Pepsi drinks throughout North America where performance has been sluggish for some time.
Coca-Cola Co (KO.N) closed on a similar deal on Sunday.
The company trimmed the high end of its full-year outlook, saying it expects earnings per share, excluding currency fluctuations and one-time items, to rise 11 percent to 12 percent. It had previously forecast a range of 11 percent to 13 percent.
(Reporting by Ben Klayman in Detroit; Editing by Derek Caney)
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