PepsiCo revenue beats as North America sales rise

Pepsi Bottle

PepsiCo delivered earnings and revenue that topped analysts' expectations on Tuesday, helped by higher sales of snacks and beverages in North America.

Shares of PepsiCo rose in premarket trading immediately following the announcement. (Get the latest quote here.) 

The food and beverage company posted third-quarter earnings of $1.35 per share, compared with $1.36 a share in the year-earlier period.

PepsiCo said on Tuesday that it took a charge of $1.4 billion, or 92 cents per share, as it changed its accounting for Venezuela operations.

Net revenue fell 5.2 percent to $16.33 billion, the fourth straight quarter of decline.

Analysts expected the food and beverage giant to post earnings per share of $1.26 on revenue of $16.15 billion, according to a Thomson Reuters consensus estimate.

PepsiCo 's shares have outperformed rival soda company Coca-Cola 's in the last year, rising about 11 percent in that time while Coke's stock has fallen nearly 3 percent, according to FactSet.

Reuters contributed to this report.

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