PepsiCo Inc. (PEP - Get Report) shares slipped lower Tuesday after the soft drinks giant topped analysts forecasts in its third quarter earnings report, but trimmed its full-year earnings guidance thanks in part to a stronger U.S. dollar.

Pepsi said earnings for the three months ending on September 8 came in at $1.75 per share, a figure that beat the consensus forecast of $1.57 and was up 17.4% from the same period last. Group revenues grew 1.5% to $16.5 billion, the company said, again topping the Street consensus. However, Pepsi shaved a few pennies from its full-year earnings per share forecast, with a new target of $5.65 each, narrowly shy of the $5.69 consensus, sending the stock lower in pre-market trading. 

"We continued to see very strong operating performance from our international divisions, propelled by developing and emerging markets," said outgoing CEO Indra Nooyi. "On the strength of our year-to-date results, we have revised upward our full-year organic revenue growth target."

"Additionally, given the recent strengthening in the U.S. dollar we have revised our full-year core earnings per share target to reflect our updated expectation of an approximate 1 percentage point headwind from foreign exchange translation."

Pepsi shares were marked 1.1% lower at the opening bell and changing hands at $108.32, a move that extends its year-to-date decline to around 8.5%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, has risen more than 6% over the past six months, and traded at a five-week high of 95.66 this morning amid bets that strong domestic growth will spur the Federal Reserve into faster rate hikes. 

Pepsi said that the U.S. dollar headwind had a "2-percentage point unfavorable impact on reported net revenue growth" over its third quarter, while "organic revenue, which excludes the impacts of foreign exchange translation and acquisitions, structural and other changes, grew 4.9%."

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