PURCHASE, N.Y. (AP) _ PepsiCo Inc. (PEP) on Tuesday reported first-quarter profit of $1.34 billion.
On a per-share basis, the Purchase, New York-based company said it had net income of 96 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.07 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.
The food and beverage company posted revenue of $13.88 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $13.23 billion.
PepsiCo shares have dropped roughly 2% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has risen roughly 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP
The Associated Press