NEW YORK (AP) – PepsiCo’s profit in the first quarter topped Wall Street expectations, boosted by the popularity of its Frito-Lay snacks and lower costs.
The global food-and-beverage maker said its snacks unit saw volume climb 3 percent in North America. Its beverage unit for the Americas, which includes Mountain Dew and Gatorade, saw volume decline 1 percent.
Snack and beverage volumes fell in Europe, and the company’s overall revenue was dragged down by unfavorable currency exchange rates.
For the quarter, PepsiCo Inc. earned $1.22 billion, or 81 cents per share. Not including one-time costs, it earned 83 cents per share, beating the 80 cents per share analysts expected, according to Factset.
Revenue declined to $12.22 billion, but was more than $12.18 billion Wall Street expected.