PepsiCo first-quarter revenue beats estimates

BENGALURU: PepsiCo reported first-quarter sales that topped analysts’ estimate on Thursday on higher demand for its snacks such as Doritos and Cheetos as well as beverages such as Lipton tea.
The company said its Frito-Lay North America snacks business had strong performance with a 3 percent organic revenue growth. Organic revenue excludes benefits from divestitures and acquisitions.
Sales at its beverage unit, which makes Lipton tea and Mountain Dew, fell 1 percent, but were an improvement over the past two quarters when sales fell at least 3 percent.
PepsiCo’s net income rose to $1.34 billion, or 94 cents per share, in the first quarter ended March 24, from $1.32 billion, or 91 cents per share, a year earlier.
Total revenue rose 4.3 percent to $12.56 billion, topping analysts’ estimate of $12.40 billion, according to Thomson Reuters.