PepsiCo's profit climbs, boosted by higher prices
Bottles of PepsiCo Inc. soft drinks sit on display at a store in Mexico City, Mexico, on Monday. It was reported July 24 that revenue rose to $16.81 billion, more than the $16.79 billion Wall Street predicted. (July 22, 2013) Credit: Bloomberg News
PepsiCo Inc. reported a higher quarterly profit that topped Wall Street expectations, as price increases for its popular Frito-Lay snacks helped lift revenue.
In its Americas beverage unit, volume fell 3.5 percent, with sodas in North America falling in the mid-single digits.
For the quarter, PepsiCo earned $2.01 billion, or $1.28 per share. That's up from $1.49 billion, or 94 cents per share, a year ago.
Not including one-time items, it earned $1.31 per share, above the $1.19 analysts expected.
Revenue rose to $16.81 billion, more than the $16.79 billion Wall Street predicted.
The results come a week after investor Nelson Peltz said he wants PepsiCo to drop its beverage business and buy Oreo cookie maker Mondelez. Peltz says the company's snacks unit is being overshadowed by its underperforming drinks unit.
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