PepsiCo Inc affirms target: net income $2.0 billion

PepsiCo Inc reported slightly better-than-expected quarterly earnings on Wednesday and affirmed its full-year target, helped by international growth and the acquisition of a Russian beverage company.

The maker of Pepsi-Cola, Lays potato chips and Quaker oatmeal said net income was $2.0 billion, or $1.25 per share in the third quarter, up from $1.92 billion, or $1.19 per share, a year earlier.

Excluding items, earnings were $1.31 per share, topping analysts' average estimate by a penny, according to Thomson Reuters IBES.

Revenue climbed to $17.58 billion from $15.51 billion a year ago. Analysts on average were expecting $17.18 billion. The company affirmed its 2011 target, calling for high single-digit earnings-per-share growth.