By Dave Sebastian
PepsiCo Inc. said its profit rose for the recent quarter as sales grew, despite uneven recoveries across its international markets and weather-related disruptions in the U.S.
The food-and-beverage company Thursday posted net income attributable to the company of $1.71 billion for the fiscal first quarter, compared with $1.34 billion in the prior year. Earnings were $1.24 a share, compared with 96 cents a share.
Adjusted earnings were $1.21 a share, the company said. Analysts polled by FactSet had been expecting $1.12 a share.
For the quarter ended March 20, net revenue rose to $14.82 billion from $13.88 billion, the company said. Analysts were looking for $14.55 billion. Revenue grew 2.4% on an organic basis.
Revenue for Frito-Lay North America rose 4%. Quaker Foods North America revenue rose 2%, and its North America beverage segment's revenue rose 5%, the company said.
In Latin America revenue fell 5%, and revenue in Europe fell 2%, the company said. Revenue rose 40% in Africa, Middle East and South Asia, and it rose 70% in Asia Pacific, Australia and New Zealand and the China region, PepsiCo said.
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