PepsiCo posted a greater-than-expected quarterly profit Tuesday on a lower tax rate and higher sales of Frito-Lay snacks.
The world's No. 2 soft-drink company reported earnings of $1.56 billion, or 94 cents per share, for its second quarter, ended June 16, up 13% from $1.38 billion, or 81 cents per share, a year earlier.
Analysts on average were expecting 89 cents per share, according to Reuters Estimates.
Quarterly revenue rose to $9.61 billion from $8.71 billion.
The company, based in Purchase, New York, raised its full-year forecast, saying it now expects earnings of at least $3.35 per share, up from its prior forecast of at least $3.30 per share.