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PEPSICO INC [PEP], one of the world's leading food and beverage companies, has announced its financial results for the third quarter of 2023. The company reported a strong net income of $3.1 billion for the quarter, reflecting solid performance across its businesses. Quarterly revenue reached $23.5 billion, highlighting continued growth and market demand for PepsiCo's popular brands.
PepsiCo's financial performance for the quarter was impressive, with a gross profit of $12.8 billion, an increase of 9% compared to the same period last year. Operating profit stood at $4 billion, demonstrating the company's ability to effectively manage costs and drive operational efficiency. PepsiCo's net income of $3.1 billion reflects the company's sustained growth and strong market position.
PepsiCo's quarterly revenue of $23.5 billion represented a 7% increase compared to the third quarter of 2022. This growth was driven by strong performance across the company's beverage and snack segments, as well as continued expansion in key international markets. PepsiCo's diverse portfolio of products, including popular brands like Pepsi, Lay's, Gatorade, and Tropicana, continues to resonate with consumers around the world.
In terms of financial stability, PepsiCo maintains a solid balance sheet with total assets of $99.9 billion and total liabilities of $81 billion. The company's cash and cash equivalents increased to $10.1 billion, reflecting strong cash flows from operating activities. PepsiCo's current assets of $28.6 billion provide ample liquidity to support its ongoing operations and strategic initiatives.
PepsiCo's earnings per share for the quarter were $2.24 on a diluted basis, compared to $1.95 in the same period last year. The increase in earnings per share can be attributed to the company's strong net income and ongoing share repurchase program. The weighted average number of shares outstanding decreased slightly, contributing to the growth in earnings per share. PepsiCo's commitment to delivering value to its shareholders is evident in its consistent dividend payments and share repurchases.
Looking ahead, PepsiCo remains focused on driving further growth and innovation. The company continues to invest in research and development to develop new products that meet evolving consumer preferences and market trends. PepsiCo's strong brand portfolio, global presence, and commitment to sustainability position the company well for future success.
PepsiCo's strong financial performance in the third quarter of 2023 reflects the company's ability to navigate through challenging market conditions and drive growth. With its diverse portfolio of popular brands, robust cash flow generation, and prudent financial management, PepsiCo is well-positioned to capitalize on future opportunities and deliver long-term value to its shareholders.