Editors' pick: Originally published Sept. 30, 2016.

A contentious U.S. presidential election cycle is nearing an end and the Federal Reserve could hike interest rates at one of its final two policy meetings for the year. Yet, beverage and snack giant PepsiCo (PEP) - Get Report still sees smooth sailing ahead despite the threat of a more volatile stock market and global economy in the wake of each major event's outcome.

On Thursday, PepsiCo hiked its full-year profit outlook for the second time this year. It now forecasts full-year earnings of $4.78 a share, up from $4.71 a share previously.

"We have built a product portfolio to weather these challenges -- whether it's the innovation capabilities that we have built, the advertising increases or the productivity that we are driving we just have the classic virtuous cycle working inside PepsiCo right now," explained PepsiCo Vice Chairman and CFO Hugh Johnston in an interview when asked why the company has such confidence in its outlook. He added, "We have pretty good geographic balance, too."

It's hard to argue with Johnston's sense of confidence. The combination of low inflation, cost-cutting and the world's love affair for snacking continued to fuel PepsiCo during the third quarter. The beverage and snack giant blew away analysts' earnings estimates for the second straight quarter, posting fiscal third-quarter earnings excluding one-time items of $1.40 a share vs. forecasts for $1.32 a share. Net revenue fell 2% from the prior year to $16.0 billion but topped forecasts for $15.84 billion.

The quarter was led by PepsiCo's two bread-and-butter businesses in North America: snacks and beverages, each benefiting from a steady stream of new products and input cost deflation. Frito Lay's organic revenue rose 3.5% from the prior year, with operating profits rising by a quicker 5%. The North American beverage business bounced back from a mixed second quarter, notching a 3% increase in organic revenue and a 10% gain in operating profits.

"All in all, Pepsi's investments over the past couple of years are clearly paying off and the value of its growth cannot be overlooked in a space struggling to keep up with consumers' evolving interests. Management shifted its focus away from carbonated sugar beverages at the right time and has diversified its portfolio of snacks and drinks to appeal to a wide variety of tastes," said Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio, which owns PepsiCo shares.