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PEP: PepsiCo beats forecasts; shares rise in premarket

PepsiCo Inc.'s net income rose 18 percent to

PepsiCo Inc.'s net income rose 18 percent to $1.9 billion in the second quarter, as customers in emerging markets bought more snacks and drinks. (July 19, 2011) Photo Credit: AP

Shares of PepsiCo (PEP) climbed 65 cents, or .82 percent, in premarket trading Thursday morning after the Purchase-based soft drink maker posted first quarter earnings that beat analysts' forecasts.

PepsiCo posted earnings per share, excluding special items, of 77 cents, an increase of 12 percent versus the year-ago period.

Analysts surveyed by Thomson Reuters had predicted earnings of 71 cents per share.

The company reaffirmed forecasts for 7 percent core earnings growth in 2013 excluding the impact of currency fluctuations.

Net revenue increased 1 percent to $12.6 billion. Including special items, earnings per share decline 3 percent to 69 cents per share.

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