PepsiCo beats Q1 revenue forecasts as price increases moderate
PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages. The Purchase, New York-based company said revenue rose 2% to $18.3 billion for the January-April period. That was higher than Wall Street forecast. In North America sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24% during the quarter. But the company saw strong sales growth in Asia Pacific and Europe.