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PepsiCo 1Q jumps on snack sales, cost cuts

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NEW YORK (AP) — PepsiCo reported a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world.

The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, said global snack volume rose 2 percent while beverages were even from a year ago.

In its closely watched North American beverage unit, PepsiCo Inc. said volume was even. Growth in other drinks offset a 1 percent decline in sodas.

For the quarter, the company earned $1.22 billion, or 79 cents per share. Not including one-time items, it earned 83 cents per share, above the 75 cents per share Wall Street expected.

A year ago, it earned $1.08 billion, or 69 cents per share.

Revenue edged up to $12.62 billion, higher than the $12.39 billion analysts expected.

Associated Press

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