Pepsi Profit Beats Estimates, Sales Rise 4%

NEW YORK (TheStreet) -- PepsiCo(PEP) reported first-quarter earnings Thursday that beat analysts' expectations and the beverage and snacks maker reaffirmed its full-year 2012 guidance.

Pepsi earned $1.13 billion, or 71 cents a share, down slightly from year-earlier earnings of $1.14 billion, or 71 cents. Core earnings were 69 cents a share; analysts were expecting 67 cents.

First-quarter earnings included a gain of 4 cents a share from mark-to-market commodity hedges and a charge of a penny a share related to restructuring.

Pepsi's first-quarter revenue rose 4% to $12.43 billion from year-earlier revenue of $11.94 billion; analysts estimated revenue of $12.36 billion.

Pepsi reiterated previous full-year 2012 guidance that calls for a potential 5% decline in core earnings per share of $4.40 a share in 2011.

The company said it anticipates giving shareholders about $6 billion this year through dividends and share buybacks.

Shares of Pepsi ticked up 12 cents, or 0.18%, in premarket trading Thursday to $66.79.

-- Written by Alexandra Zendrian

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