PepsiCo's profit edges up on snacks; drinks falter

PepsiCo Inc. is reporting a higher quarterly profit, as stronger sales of its Frito-Lay snacks helped offset weaker results in its North American beverage unit.

The company, which also makes Gatorade, Mountain Dew and Tropicana, said it earned $1.91 billion, or $1.23 per share, for its third quarter. That compares with $1.9 billion, or $1.21 per share, a year ago.

Not including one-time items, the company said it earned $1.24 per share. Analysts expected $1.17 per share.

Revenue rose 2 percent to $16.91 billion, less than the $17.02 billion Wall Street expected. The company stood by its forecast.

Volume for its Americas food division rose 3 percent. But its beverage unit in the region, which has been under pressure to improve results, saw a volume decline of 4 percent.

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