PepsiCo reported third-quarter net income of $1.91 billion, or $1.23 a share, compared to $1.9 billion, or $1.21 a share, in the year-ago quarter. Revenue came in at $16.91 billion, missing expectations by $120 million. The company noted a 1.5% revenue decline at its Americas Beverages unit, a result of a 4% drop in volume, though revenue increased 7% in its Americas Foods arm.
Despite sluggish growth in its beverages division, CEO Indra Nooyi remains confident in the company's full-year prospects.
"Our year-to-date results give us confidence in achieving our 2013 financial goals and we continue to believe that we have the right strategies in place to create long-term value for our shareholders," she said in a statement.
Coca-Cola, meanwhile, reported a 6% increase in net income to $2.45 billion, or 54 cents a share, compared to $2.31 billion, or 50 cents a share, a year earlier. Revenue came in at $12.03 billion, a 3% year-on-year decrease. Coca-Cola saw 2% growth in global volume in the third quarter and by region, 4% growth in Eurasia and Africa, 2% in North America and 5% in the Pacific.
CEO Muhtar Kent said the company delivered a record number of servings during the quarter for the Coca-Cola brand and across the entire portfolio.
"In all, we delivered 181 billion servings thanks to global volume growth of 2% driven by 2% global growth in brand Coca-Cola," he said in a conference call.