PepsiCo Inc on Thursday reported quarterly profit slightly ahead of Wall Street’s expectations, helped by higher sales in both its snacks and drinks units, and stood by its full-year outlook.
The maker of Tropicana orange juice and Frito-Lay snacks said net income was $1.1 billion, or 71 cents per share, in the first quarter, down from $1.4 billion, or 89 cents per share, a year earlier. Excluding items, PepsiCo earned 74 cents per share.
Revenue jumped 27% to $11.9 billion. Worldwide, volume rose 3% in the snacks business and 3.5% in the beverage business, excluding the impact of buys.
The company said its 2011 forecast anticipated “high global commodity cost inflation, difficult macroeconomic conditions in developed markets and ongoing strategic investments in emerging markets.”
Beyond 2011, PepsiCo forecast high-single-digit earnings-per-share growth, due in part to an expectation of continued commodity cost inflation and macroeconomic uncertainty.