Originally published at www.seclive.com
PepsiCo (NYSE:PEP) reported profits that exceeded analyst expectations, with $2.01B net profit, an increase from $1.49B this quarter last year. Pepsi shareholders earned $1.28 per share, a $0.34 jump from a year ago of $0.94 earnings per share. Pepsi, which markets and owns brands like Gatorade, Quaker, Frito-Lay, and Tropicana, stated that higher prices overall helped boost the company's revenue this quarter as it also saw a 2% volume increase in its Americas food division. Rumors have been circulating about a possible purchase of Mondelez International (NASDAQ:MDLZ), the maker of Oreo, after an activist shareholder pushed the company to consider the purchase. PepsiCo CFO Hugh Johnston defended the company's current position by stating the company has a product portfolio that works and that it does not want to go through the process of a complex, $80B acquisition.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.