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World's number two soft drink maker PepsiCo said Tuesday morning 2Q net profits rose 13% to $1.56 billion, good for EPS of $0.94, while revenue came in 10% higher y/y, at $9.6 billion. Consensus analyst estimates were for EPS of $0.89 cents on sales of $9.4 billion. Its strong earnings caused the company to up its full year outlook to "at least" $3.35 a share from its previous projection of EPS of $3.30. Powering Pepsi's most recent quarter was strong international growth, especially in the company's Frito-Lay snack division, and favorable currency exchanges. Shares are higher in pre-market action by $0.45 as of pep7:17 a.m. ET.

Sources: Press Release, Bloomberg, MarketWatch, AP, Reuters
Commentary: Pepsi Covered Call Hits the SpotIs Pepsico Stock Overvalued?Pepsi Outbids Coke in Fight for Ukrainian Juice Maker
Stocks/ETFs to watch: PepsiCo Inc. (NYSE:PEP). Competitors: The Coca-Cola Company (NYSE:KO), Cadbury Schweppes (NYSE:CSG). ETFs: Consumer Staples Select Sect. SPDR (NYSEARCA:XLP), Vanguard Consumer Staples (NYSEARCA:VDC)
Conference call transcripts: check back later today for PEP's latest conference call transcriptPepsiCo Q1 2007 Earnings Call Transcript

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Source: PepsiCo Beats and Raises On Strong International, Snack Growth