Beverage and snack food giant PepsiCo, Inc. (PEP) on Wednesday posted mixed third quarter earnings results, as its revenue was negatively impacted by effects from foreign currency fluctuations.
The Purchase, NY-based company reported third quarter net income of $1.9 billion, or $1.21 per share, compared with $2 billion, or $1.25 per share, in the year-ago period. Excluding special items, adjusted profit was $1.20 per share.
Revenue fell 5.3% from last year to $16.7 billion.
On average, Wall Street analysts expected a smaller profit of $1.16 per share, albeit on higher revenue of $16.9 billion.
Looking ahead, PEP reiterated its previously-announced full-year earnings guidance.
PepsiCo shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of Pepsico (PEP) have a 3.06% dividend yield, based on last night’s closing stock price of $70.30. The stock has technical support in the $66-$68 price area. The stock is approaching all-time high resistance around the $73-$76 price levels.
PepsiCo, Inc. (PEP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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