PepsiCo first-quarter profit beats; stands by 2013 outlook
PepsiCo Inc reported better-than-expected quarterly earnings on Thursday, as price increases helped margins and the company stood by its full-year forecast.
The maker of Pepsi sodas, Tropicana juices, Frito-Lay snacks and Quaker oatmeal said net income was $1.08 billion, or 69 cents per share in the first quarter, down from $1.13 billion, or 71 cents per share, a year earlier.
Excluding a hit from the Venezuelan currency devaluation, restructuring charges and other items, earnings were 77 cents per share.
On that basis, analysts on average were expecting 71 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose about 1 percent to $12.58 billion.
The company stood by its full-year outlook, which calls for earnings to grow 7 percent from the $4.10 per share it earned in 2012. Last year was a "transition year" for PepsiCo, in which profit fell amid an increase in marketing and advertising spending.
Its shares rose to $79.50 in premarket trading from Wednesday's close of $78.85 on the New York Stock Exchange.
(Reporting by Martinne Geller in New York; Editing by Gerald E. McCormick)