PURCHASE, New York (TheStreet) -- PepsiCo (PEP) said third-quarter profit rose 4% on top-line gains across its snacks and beverage businesses and from the acquisition of Wimm-Bill-Dann, the Russian dairy and juice company.
Pepsi earned $2 billion, or $1.25 a share, up from $1.92 billion, or $1.19 a share, a year earlier. Revenue rose 13% to $17.58 billion from $15.51 billion.
Core earnings in the quarter were $1.31 a share, Pepsi said in a press release Wednesday.
Analysts surveyed by Thomson Reuters expected Pepsi to earn $1.30 a share on revenue of $17.11 billion.Pepsi said third-quarter volume in worldwide snacks rose 8%, while beverage volume grew 4%. "We had strong revenue growth across our product portfolio and across our key geographic markets," said PepsiCo Chairman and CEO Indra Nooyi, in a statement. "We were able to achieve pricing to partially offset commodity cost inflation and at the same time stimulate consumer demand for our products." The company said it is targeting high-single-digit core earnings per share growth for 2011 from $4.13 a share in 2010. -- Written by Joseph Woelfel
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