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Shares of PepsiCo briefly traded 2 percent higher on Thursday, after the beverage maker reported better-than-expected third quarter profits.
The stock later pared those gains and ended the day up about 0.35 percent.
PepsiCo reported a quarterly profit of $1.40 per share, eight cents above estimates from analysts polled by Thomson Reuters. It raised its full-year forecast as well, as the demand for snacks and beverages increases, according to a statement released early Thursday.
"We are pleased with our results for the third quarter and year to date. Our product portfolio, geographic mix and capability centers are enabling us to deliver balanced revenue and productivity," Indra Nooyi, Chairman and CEO of PepsiCo, said in a release. "Based on our year-to-date performance and our outlook for the fourth quarter, we are raising our full-year core constant currency EPS growth objective."
Even with the reported gains, PepsiCo's revenue still declined to $16.03 billion from $16.33 billion. However, the performance still topped expectations from analysts who predicted $15.89 billion.
PepsiCo also now sees full-year earnings of $4.78 per share, which also beats industry per-share projections of $4.76.
Its shares closed at $107.76 a share on Thursday. The stock is up nearly 8 percent so far this year.
--Reuters contributed to this report.