While these projections may sound troubling at first glance, Pepsi is actually improving most of its key metrics. In the third quarter, for instance, the company posted a 7.4% rise in organic revenue -- that's the company's internal performance, excluding external factors like mergers and acquisitions. Although third-quarter revenue declined about 5%, revenue was actually up 7%, when excluding currency impacts. At the same time, those snack products including Frito-Lay chips grew operating profit by 6%, reaching $1.09 billion. Products including Doritos and Quaker have pushed Pepsi's snack business to roughly half of its annual revenue. Alternative beverage brands including Lipton tea and Gatorade give Pepsi multiple ways of offsetting weakness in its soda business. So this company is not struggling to grow, not with gross margin and operating margin rates still trending higher. So raise a glass, grab a handful of chips and buy the stock. This article is commentary by an independent contributor.