PepsiCo on Thursday reported a higher quarterly profit, lifted by sales gains in its snacks business and double-digit growth in emerging economies.
After the earnings announcement, the company's shares climbed in premarket trading. (Click here to get the latest quote.)
During an interview with CNBC after posting earnings, PepsiCo CFO Hugh Johnston attributed the better-than-expected earnings to the rapid growth of shoppers buying both snacks and drinks made under the Pepsi banner, contending that shoppers buy them together more often than lunchbox staples peanut butter and jelly.
The maker of Pepsi-Cola, Frito-Lay snacks, and Tropicana juice, said net income was $1.22 billion, or 79 cents per share, in the first quarter, up from $1.08 billion, or 69 cents per share a year earlier. The beverage giant posted first-quarter earnings excluding items of 83 cents per share.