Core Insights - PepsiCo reported third-quarter earnings that exceeded Wall Street expectations, with revenue of $23.94 billion and adjusted earnings per share of $2.29, surpassing forecasts of $23.85 billion and $2.27 respectively [1] - The North American beverage segment showed a 2% growth, marking the highest growth rate in nearly two years, which offset the ongoing slowdown in the food business [1] - The acquisition of the health soda brand Poppi contributed significantly to growth, with retail sales increasing over 50% year-over-year [1] Financial Performance - Total revenue for the quarter reached $23.94 billion, slightly above the expected $23.85 billion [1] - Adjusted earnings per share were reported at $2.29, exceeding the market expectation of $2.27 [1] - The North American beverage business achieved a 2% growth, counterbalancing a 3% decline in food sales [1][2] Regional Performance - The EMEA region experienced a revenue growth of 5.5%, while Latin America saw a 4% increase, helping to mitigate the weakness in North American food sales [2] - The company anticipates low single-digit organic revenue growth for 2025, with core constant currency earnings expected to remain flat compared to the previous year [2] Management Changes - PepsiCo announced a management change, with CFO Jamie Caulfield set to retire and Steve Schmitt appointed as the new CFO effective November 10 [2] - Darren Walker will also retire from the board, with the change effective November 19 [2] Strategic Focus - The company is expanding its portfolio to include healthier, high-protein, and portion-controlled products in response to changing consumer preferences [2] - PepsiCo is facing pressures from economic uncertainties and health policy impacts [2] Investor Pressure - Elliott Investment Management holds approximately $4 billion in PepsiCo shares and is urging the company to evaluate and streamline its snack product portfolio [3]