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PepsiCo 2Q profit drops but tops estimates

FILE - This Feb. 9, 2011 file photo shows bottles of Pepsi at a grocery store in Springfield, Ill. PepsiCo reports quarterly financial results Wednesday, July 23, 2014. (AP Photo/Seth Perlman, File)
FILE - This Feb. 9, 2011 file photo shows bottles of Pepsi at a grocery store in Springfield, Ill. PepsiCo reports quarterly financial results Wednesday, July 23, 2014. (AP Photo/Seth Perlman, File) FILE - This Feb. 9, 2011 file photo shows bottles of Pepsi at a grocery store in Springfield, Ill. PepsiCo reports quarterly financial results Wednesday, July 23, 2014. (AP Photo/Seth Perlman, File)

By Associated Press 1 min read

PURCHASE, N.Y. (AP) – 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.