PepsiCo announced a 14% rise in Q3 profits, excluding the impact of the Quaker acquisition. Including the one-off charge for the integration of Quaker Oats, PepsiCo's profits were down 17%. But PepsiCo's continued diversification into drinks other than cola is providing it with plenty of opportunities for growth, while its strong hold on the snack sector gives extra protection from the downturn in the on-trade.