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PepsiCo (NYSE:PEP) is expected to report Q2 earnings before the open on Wednesday, July 25, with a conference call scheduled for 8:00 am ET.

Guidance

Analysts are looking for a profit of $1.10 on revenue of $16.59B. The consensus range is $1.07-$1.14 for EPS on revenue of $16.16B-$17.10B, according to First Call. After rival beverage-maker Coca-Cola (NYSE:KO) reported last week that its gross margins softened during the quarter, particularly in late May and June, investors will be interested to hear Pepsi's take on commodity costs, especially in light of the recent run-up in corn prices. During the quarter, PepsiCo reaffirmed its 2012 outlook, forecasting that adjusted net income would fall by 5%, with an incremental $500M in marketing spending during the year. Some of that marketing spending is certainly related to the Super Bowl, as the company announced that it reached a multi-year deal with the NFL to become the sponsor of the game's halftime show. Also at the time of its guidance affirmation, Pepsi took down its currency guidance to negative 3% from negative 2% previously, which continues a trend among multinationals who are seeing their results hurt by the strength of the dollar and the weakness of the euro.

Source: Earnings Preview: PepsiCo