Investing.com – PepsiCo reported a mixed earnings report for the first quarter as earnings-per-share(EPS) beat the consensus and revenue also came in slightly above forecasts.
Specifically, the soft drink company reported an EPS of $0.89.
Revenue fell 2.9% year-on-year to settle at $11.86 billion.
Analysts had expected an EPS of $0.81 on revenue of $11.85 billion.
"We delivered strong first quarter operating results driven by balanced execution of our commercial agenda and productivity programs. Our marketing initiatives and new product launches are generating solid organic top line growth, and our focus on driving greater efficiency throughout our operations contributed significantly to attractive core gross margin expansion," chairman and CEO Indra Nooyi said.
"We are off to a strong start to the year and that gives us added confidence in achieving our financial objectives for 2016," Nooyi added.
Shares in PepsiCo Inc (NYSE:PEP) rose 0.96% in the pre-market after the release.