By Dave Sebastian
PepsiCo Inc. said its profit rose for the recent quarter, driven by its beverage sales in North America.
The food-and-beverage company on Tuesday posted net income attributable to the company of $2.36 billion for the fiscal second quarter, compared with $1.65 billion in the prior year. Earnings were $1.70 a share, compared with $1.18 a share in the year-ago period
Adjusted earnings were $1.72 a share, the company said. Analysts polled by FactSet had been expecting $1.53 a share.
For the quarter ended June 12, net revenue rose to $19.22 billion from $15.95 billion, the company said. Analysts were looking for $17.96 billion. Revenue grew nearly 13% on an organic basis.
Revenue for the North America beverage segment rose to $6.16 billion from $4.97 billion, Frito-Lay North America rose to $4.55 billion from $4.27 billion, and Quaker Foods North America revenue fell to $575 million from $664 million, and its, the company said.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires