PepsiCo PEP reported a 4.9% drop in its third-quarter earnings.
PepsiCo's quarterly profit fell to $1.9 billion, or $1.21 per share, from $2 billion, or $1.25 per share, in the year-ago period. Excluding one-time items, PepsiCo's core earnings came in at $1.20 per share.
Its revenue fell 5.3% to $16.7 billion. However, analysts were expecting earnings of $1.16 per share on revenue of $16.9 billion.
PepsiCo's operating margin rose to 16.8% from 16.5%.
PepsiCo shares closed at $70.30 yesterday.
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