Snack and beverage giant PepsiCo has reaffirmed its full-year outlook despite booking a drop in first-quarter earnings hit by the devaluation of the Venezuelan currency.
In the quarter ended 23 March, earnings fell 4.6% to US$1.08bn, or 69 cents per share, the group reported today (18 April). Analysts polled by Thomson Reuters forecast profit of 71 cents per share.
Go deeper with GlobalData
Operating profit in the period amounted to $1.66bn, a 4% decline on the year. Core constant-currency operating profit, which excludes items like foreign exchange and restructing charges, was up 9%.
Net sales edged up 1% to $12.58bn. Sales from its PepsiCo Americas Foods arm grew 6%. Revenue from PepsiCo’s Frito-Lay North America snack unit increased 4% in the quarter.
PepsiCo stood by its 2013 earnings growth forecast of 7% from the $4.10 per share it earned in 2012.
