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PepsiCo tops 1Q profit forecasts

PURCHASE, N.Y. (AP) _ PepsiCo Inc. (PEP) on Monday reported first-quarter earnings of $931 million.

The Purchase, New York-based company said it had profit of 64 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to 89 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.

The food and beverage company posted revenue of $11.86 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $11.9 billion.

PepsiCo expects full-year earnings to be $4.66 per share.

PepsiCo shares have climbed roughly 4 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 2 per cent. The stock has increased nearly 8 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at http://www.zacks.com/ap/PEP

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