PepsiCo tops 3Q forecasts, but strong dollar hurts outlook

PURCHASE, N.Y. (AP) — PepsiCo reported better-than-expected third-quarter earnings and revenue, but its shares edged lower Tuesday after the company warned of the effects that the strong dollar will have on its performance for the rest of the year.

The Purchase, New York, company had a profit of $2.5 billion, or $1.75 per share. Earnings, adjusted for one-time gains and costs, were $1.59 per share, or 3 cents better than Wall Street was expecting, according to a survey by Zacks Investment Research.

Revenue of $16.49 billion also topped forecasts. PepsiCo Inc. increased its revenue outlook for the year, saying it now expects to see a 3 percent increase from 2017, up from its earlier forecast of 2.3 percent.