Pepsi’s third quarter net income has been reported $1.90 billion, or $1.21 per share on Wednesday, despite weaker revenue.

The company said third-quarter earnings were down from $2.00 billion, or $1.25 per share, a year earlier.

Excluding restructuring and other charges and a gain on commodity hedges, earnings were $1.20 per share. On that basis, analysts on average were expecting $1.16 per share, according to Thomson Reuters I/B/E/S.

Revenue fell 5 percent to $16.65 billion, hurt by foreign exchange rates and the refranchising of its bottling businesses in China and Mexico, Reuters reported.

The company also affirmed its full-year outlook, which calls for earnings per share to fall 5 percent from the $4.40 it earned in 2011 and revenue to increase by a low single-digit rate reflecting the changes in China and Mexico.

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