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PepsiCo's EPS Tops Estimates, Reaffirms Outlook

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PepsiCo, Inc. PEP announced a 23 percent drop in net income to $945 million in the first quarter from $1.23 billion in the year-ago quarter. Its earnings dipped 21 percent to $0.64 a share from $0.81 a share in the comparable period. However, core earnings rose 7 percent to $0.89 a share thus beating the Street consensus by $0.08 a share.

On a GAAP basis, PepsiCo recorded 3 percent drop in revenue to...