The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
PepsiCo Inc. posted first-quarter profit that beat analysts’ estimates after North American snack sales rose, helped by price increases.
Earnings were 89 cents a share, excluding some items, the Purchase, New York-based company said in a statement on Monday. Analysts estimated 81 cents, according to data compiled by Bloomberg. Sales fell 2.9 percent to $11.9 billion, matching analysts’ average projection.
Chief Executive Officer Indra Nooyi has cut costs and worked to expand growth in emerging markets, but it was the domestic snack units that bolstered the company’s results in the quarter. PepsiCo’s Frito-Lay division has helped make up for sluggish demand for beverages such as soda.
Shares of PepsiCo rose 0.3 percent to $104.10 at 6:33 a.m. in New York. The stock was up 3.9 percent this year through last week.