PepsiCo Inc.’s sales beat Wall Street expectations in the first quarter thanks to strong growth outside North America.
The owner of Mountain Dew sodas and Frito-Lay chips said that net revenue in the period rose 2.7%, beating the average analyst estimate of 2.3%.
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Sales for Pepsi’s international business, which represented nearly 40% of total net revenue last year, rose 9% with strong growth in markets including Mexico and Australia.
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Revenue from Quaker Foods North American, the oats brand, fell 24% after the company expanded a recall to include more cereals, bars and snacks due to salmonella risk.
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