Beverage giant PepsiCo reported third quarter results early Tuesday that were better than expected.
For the quarter, the company reported earnings per share of $1.59 while analysts had been expecting just $1.56 a share. Sales saw a jump of 1.5% to $16.49 billion while analysts were waiting for $16.378 billion. North American beverage revenue also saw a growth of 2% with Frito-Lay North America sales moving north 3%. Organic revenue jumped 4.9%.
This was CEO Indra Nooyi’s last earnings call for the company. She said on the call, “As most of you know, we announced in August that I’m stepping down as CEO of PepsiCo after 12 years in the role effective tomorrow. And so today will be my final conference call with you. Actually my 75th and final, if you also include the calls I’ve participated in as CFO.”
Wall Street also learned on Tuesday that PepsiCo is now the latest beverage company to be looking at the marijuana market.
The company’s CFO Hugh Johnston told CNCB that Pepsico will look “critically” at investing in cannabis. It was only last month that rival Coca Cola had said it is also closely watching the market.
“I think we’ll look at it critically, but I’m not prepared to share any plans that we may have in the space right now,” Chief Financial Officer Hugh Johnston said to Jim Cramer and Sara Eisen on CNBC’s Squawk on the Street.
Johnston said to Cowen analyst Vivien Azer on the company’s earnings conference call that the company is steering clear of pot for now however.
Disclaimer: We have no position in PepsiCo, Inc. (NASDAQ: PEP) and have not been compensated for this article.