Pepsico Inc. (NYSE: PEP) reported Thursday that its first-quarter net income dropped to 20% to $1.14 billion, or 71 cents a share, from $1.43 billion, or 89 cents a share, in the year earlier quarter. Core earnings in the latest quarter totaled 74 cents a share. Core earnings in the latest quarter totaled 74 cents a share. Revenue climbed 27% to $11.94 billion. Analysts, on average, expected the company to report earnings of 73 cents a share on revenue of $11.71 billion.
Looking ahead, the company affirmed its full-year earnings outlook of 7-8 percent core, constant currency EPS growth.
"We are pleased with the broad-based volume and net revenue growth in the quarter. Growth in emerging markets was strong, driving attractive gains in Eastern Europe, Asia and the Middle East," said PepsiCo Chairman and CEO Indra Nooyi. "Importantly, we had strong volume growth in both our Frito-Lay snacks and North American beverage businesses, with each up 2 percent on an organic basis over the prior year. We continue to make investments in innovation, brand building and emerging markets growth, and our first quarter results give us confidence that our investments are paying off. We are focused on managing our global portfolio to succeed in the marketplace and, at the same time, drive profitable growth and strong returns for our shareholders."
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