PepsiCo beats sales estimates boosted by international growth
PepsiCo Inc.’s sales beat Wall Street expectations in the first quarter thanks to strong growth outside North America.
The owner of Mountain Dew sodas and Frito-Lay chips said that net revenue in the period rose 2.7%, beating the average analyst estimate of 2.3%.
Sales for Pepsi’s international business, which represented nearly 40% of total net revenue last year, rose 9% with strong growth in markets including Mexico and Australia.
Revenue from Quaker Foods North American, the oats brand, fell 24% after the company expanded a recall to include more cereals, bars and snacks due to salmonella risk.
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