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PepsiCo's profit climbs, boosted by higher prices

By Associated Press
Published On: Jul 24 2013 06:30:24 AM CDT
Updated On: Jul 24 2013 10:19:50 PM CDT

PepsiCo Inc. reported a higher quarterly profit that topped Wall Street expectations, as price increases for its popular Frito-Lay snacks helped lift revenue.

In its Americas beverage unit, volume fell 3.5 percent, with sodas in North America falling in the mid-single digits.

For the quarter, PepsiCo earned $2.01 billion, or $1.28 per share. That's up from $1.49 billion, or 94 cents per share, a year ago.

Not including one-time items, it earned $1.31 per share, above the $1.19 analysts expected.

Revenue rose to $16.81 billion, more than the $16.79 billion Wall Street.

The results come a week after investor Nelson Peltz said he wants PepsiCo to drop its beverage business and buy Oreo cookie maker Mondelez. Peltz says the company's snacks unit is being overshadowed by its underperforming drinks unit.