PepsiCo reported better-than-expected third-quarter 2016 results, with earnings and revenues beating the Zacks Consensus Estimate. This food/beverage giant raised its full-year earnings growth guidance as well. Solid revenue growth, primarily in Frito-Lay North America and North American beverages, drove its operating leverage. Again, the company recorded over 3% organic volume growth in global snacks and more than 2% organic volume growth in global beverages. The company is on track to deliver $1 billion in productivity savings in 2016 and $7 billion in free cash flow. However, the company’s quarterly revenues dropped annually, marking the eighth straight quarter of revenue decline. Growing health awareness has been hurting the CSD category, resulting in a 3% volume decline in the first three quarters of 2016. Again, rising volatility in global markets and increasing currency headwind may dampen growth going forward.