PepsiCo profit drops 5 percent
THE ASSOCIATED PRESS April 18, 2013 6:56AM
PURCHASE, N.Y. — PepsiCo’s first-quarter profit fell 5 percent, but higher prices lifted the soda and snack maker’s sales.
Adjusted profit topped Wall Street’s view and the maker of Frito-Lay, Gatorade and other products stood by its full-year earnings forecast after a year in which it cut costs and invested more heavily in marketing for its biggest brands.
For the period ended March 23, PepsiCo Inc. earned $1.08 billion, or 69 cents per share. That’s down from $1.13 billion, or 71 cents per share, a year earlier.
Excluding the impact of Venezuela’s currency devaluation and other items, per-share earnings rose 12 percent to 77 cents. Analysts expected 70 cents, according to FactSet.
Revenue for the Purchase, N.Y., company rose 1 percent to $12.58 billion, beating analysts’ prediction of $12.54 billion.