PepsiCo Inc. (PEP) on Wednesday reported earnings that decreased by 2 percent in its second quarter, but beat analysts' expectations.
The Purchase, New York-based company said net income fell to $1.98 billion, or $1.29 per share, from $2.01 billion, or $1.28 per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, were $1.32 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.23.
The company reported revenue of $16.89 billion compared with $16.81 billion in the same quarter a year ago. The results matched Wall Street forecasts.
PepsiCo shares have increased $6.23, or 7.5 percent, to $89.17 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.3 percent. The stock has risen $2.97, or 3.4 percent, in the last 12 months.