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Apr, 27 2017

Higher price boosts PepsiCo's sales in the first quarter

PepsiCo, based in Purchase, New York, still foresees full-year earnings of $5.09 per share, just below analyst projections for $5.14.

Higher prices helped push PepsiCo's sales in the first quarter, as the maker of Doritos, Gatorade and Quaker worked on transforming its lineup of products to keep up with changing tastes.

Sales for the North America Beverages and Frito-Lay North America segment both climbed 2 percent in the quarter, as pricing offset a decline in volume. Like other major food and beverage companies including Coca-Cola and Oreo cookie maker Mondelez, PepsiCo has said it is working on adapting its stable of brands to better reflect the trend toward options that people feel are healthier.

On a global basis, sales volume of snacks also rose 1 percent.

For the period ended March 25, PepsiCo Inc. earned $1.32 billion, or 91 cents per share. A year earlier the food and beverage company earned $931 million, or 64 cents per share.

Removing restructuring charges and one-time costs, earnings were 94 cents per share. That's better than the 91 cents per share that analysts surveyed by Zacks Investment Research expected.

Revenue increased to $12.05 billion, from $11.86 billion. Analysts predicted $11.97 billion in revenue.

PepsiCo, based in Purchase, New York, still foresees full-year earnings of $5.09 per share, just below analyst projections for $5.14.

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