Pepsi profit beats analysts’ estimates

PepsiCo Inc, the world’s largest snack-food maker, reported first-quarter profit that topped analysts’ estimates, as sales gained in Latin America.

Profit, excluding some items, was 69 cents a share, New York-based PepsiCo said yesterday. That exceeded the 67-cent average of 14 analysts’ estimates compiled by Bloomberg. Net income in the quarter fell 1.4% to $1.13bn, or 71 cents a share, from $1.14bn, or 71 cents, a year earlier.

Chief executive Indra Nooyi is increasing distribution of snacks and introducing new flavours in emerging markets. The company also is cutting 8,700 jobs and raising marketing spending by $600m this year to raise US beverage sales and regain market share from leader Coca-Cola Co.