PepsiCo beats Street 2Q forecasts
PepsiCo Inc. (PEP) on Thursday reported second-quarter net income of $1.98 billion.
The Purchase, New York-based company said it had profit of $1.33 per share. Earnings, adjusted for non-recurring gains, came to $1.32 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.
The food and beverage company posted revenue of $15.92 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $15.81 billion.
PepsiCo shares have increased 1 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 1 percent. The stock has risen 7.5 percent in the last 12 months. (dpa)
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