Top Stories
Top Stories

PepsiCo quarterly revenue falls 3.2 percent on strong dollar

Susana Gonzalez | Bloomberg | Getty Images

PepsiCo delivered quarterly earnings that topped analysts' expectations on Thursday.

Revenue fell 3.2 percent to $12.22 billion in the first quarter ended March 21, from $12.62 billion a year earlier, largely due to a strong dollar.

Net income to PepsiCo was little changed at $1.22 billion, but earnings per share rose to 81 cents from 79 cents. The food and beverage corporation reported adjusted earnings of 83 per share, matching the year-earlier period earnings.

Wall Street had expected the company to deliver quarterly adjusted earnings per share of 79 cents on $12.21 billion in revenue, according to a consensus estimate from Thompson Reuters.

Shares of PepsiCo were little changed in premarket trading immediately following the report. (Get the latest quote here.)

Starting next basketball season, Pepsi will be taking over league sponsorship rights for the National Basketball Association from Coca-Cola, which held the rights for 28 years.

Under the new deal Mountain Dew will be the NBA's leading soft drink brand.

Pepsi will also promote its Aquafina, Brisk, Doritos and Ruffles products during NBA games and events.

—CNBC's Terri Cullen and Reuters contributed to this report.