Higher prices and stronger drink sales pushed PepsiCo (PEP.N) beyond most expectations that Wall Street had about its first quarter.
For the period ended March 25, PepsiCo Inc earned US$1.32 billion, or 91 cents per share. A year earlier the food and beverage company earned US$931 million, or 64 cents per share.
Removing restructuring charges and one-time costs, earnings were 94 cents per share. That's better than the 91 cents per share that analysts surveyed by Zacks Investment Research expected.
Revenue increased to US$12.05 billion from US$11.86 billion. Analysts predicted US$11.97 billion in revenue, according to Zacks.
Sales for the North America Beverages segment and Frito-Lay North America both climbed 2 per cent in the quarter.
PepsiCo, based in Purchase, New York, still foresees full-year earnings of US$5.09 per share, just below analyst projections for US$5.14.
Shares fell slightly before the opening bell Wednesdsay.
Advertisement