Pepsi faces small dip in 1Q profits

PepsiCo Inc reported a smaller dip in quarterly profitthan Wall Street was expecting, helped by price increases, and stood by its full-year outlook.

Net income was $1.13 billion, or 71 cents per share, in the first quarter, down from $1.14 billion, or 71 cents per share, a year earlier.

Excluding items, earnings were 69 cents per share, in line with management’s expectations, but 2 cents per share ahead of analysts’ estimates, according to Thomson Reuters I/B/E/S.

Net revenue rose 4 percent to $12.43 billion.

The company stood by its 2012 outlook, which calls for earnings to fall 5 percent from the $4.40 per share reported for 2011.

PepsiCo expects net revenue growth in the low single-digit percentage range for this year.

Separately on Thursday Coca-Cola Enterprises Inc , a bottler of Coca-Cola Co drinks, also reported better-than-expected quarterly profit and stood by its full-year outlook. REUTERS