UPDATE: Pepsi (PEP) Tops Q3 EPS by 9c; Boosts FY15 FX-Neutral EPS Growth Outlook

(Updated - October 6, 2015 6:35 AM EDT)

Pepsi (NYSE: PEP) reported Q3 EPS of $1.35, $0.09 better than the analyst estimate of $1.26. Revenue for the quarter came in at $16.3 billion versus the consensus estimate of $16.22 billion.

"We are pleased with our performance for the third quarter of 2015. Despite ongoing volatility in many of our key international markets, we delivered strong organic revenue growth, gross margin expansion and double-digit core constant currency EPS growth.

"Based on our year-to-date results and our outlook for the remainder of the year, we are increasing our full-year core constant currency EPS growth target to 9 percent," said Chairman and CEO Indra Nooyi.

"In addition, despite our change in the accounting for our Venezuela operations and the related accounting charges, we remain dedicated to serving the Venezuelan marketplace with our leading food and beverage brands.

"Our year-to-date mid-single-digit organic revenue growth and double-digit core constant currency EPS growth reflect our focus on managing those things that are in our control in a challenging environment, namely innovation, brand building, marketplace execution, and productivity. Productivity, in particular, continues to simultaneously fund investments in our business and contribute to margin enhancement, and we remain on track to deliver our five-year, $5 billion productivity savings target through 2019."

• 2015 Outlook
  • Core constant currency EPS growth target raised to 9 percent (previously 8 percent)
  • Foreign exchange translation expected to adversely impact core earnings per share by 11 percentage points
  • On track to deliver approximately $1 billion productivity savings and $9 billion cash returns to shareholders

For earnings history and earnings-related data on Pepsi (PEP) click here.

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