PepsiCo Reports Lower Profit

NEW YORK – The beverage and snack maker, PepsiCo, on Thursday reported a quarterly profit drop because they reinvested their earnings in their business.

The net profit was 1.130 billion, or 71 cents a share in the first quarter, down from 1.140 billion, or 71 cents per share, reported last year.

Excluding extraordinary items, profit was 69 cents a share, in line with the expectations of the firm.

Net income increased 4% to 12.430 million.

The company maintained its outlook for 2012, which provides that the profits fall 5% from the $4.40 they reported in 2011.

PepsiCo estimates the net revenue growth this year will be a percentage that will be located in the low range of a single digit.

 

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