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More on PepsiCo (PEP): Organic growth up 5%, while the Y/Y decline in revenue reflects a...

More on PepsiCo (PEP): Organic growth up 5%, while the Y/Y decline in revenue reflects a negative 5-percentage-point impact from one-time structural changes and a negative 5-percentage-point hit from foreign exchange. A 3% rise in Frito-Lay North America paced the snack food side, while Asia, Middle East & Africa saw the sharpest falloff for the beverage business. Reiterates prior 2012 guidance, expecting a decline of EPS by 5% with foreign exchange a drag. (PR)

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