PepsiCo Inc., the world’s No. 2 soft-drink maker and owner of snacks maker Frito-Lay, on Wednesday said first-quarter profit jumped as revenue across all its divisions grew.
Profit was up nearly 12 percent to $1.02 billion, or 60 cents per share, for the three months ended March 25 compared with $912 million, or 53 per share during the same period last year. Revenue climbed 9.4 percent to $7.21 billion, from $6.59 billion last year.
Analysts, on average, predicted a profit of 58 cents on revenue of $7.03 billion, according to a Thomson Financial poll.
Frito-Lay North America revenue grew 6 percent to $2.39 billion, helped by double-digit growth in Sun Chips and Quaker Chewy granola bars and rice cakes. The company’s beverage division revenue was up 12 percent to $1.99 billion. Carbonated soft-drink volume declined 1 percent, while non-carbonated beverage volume increased 18 percent, fueled by double-digit growth of its Gatorade, Aquafina, Lipton teas and Propel brands. Pepsi’s International division revenue was up 12 percent to $2.38 billion, and its Quaker Foods division revenue grew 6 percent to $443 million.
The company reaffirmed its 2006 guidance of earnings of at least $2.93 per share.
