Shares of PepsiCo (PEP) rose about 2% before trading hours on Wednesday after the company reported earnings that beat Wall Street's expectations.
The beverage company Frito-Lay business was particularly successful in North America. Organic sales of Frito-Lay, which includes Cheetos, Lay's, Doritos, Sun Chips, Fritos and more, grew 6% in the most recent quarter, PepsiCo said. The company's North American beverage business also performed well, with 2.5% growth in organic sales.
Ramon Laguarta, PepsiCo CEO since October, said he is "pleased" with the results, noting that "Frito-Lay North America ... delivered particularly strong operating performance."
Overall, net revenue grew 2.6% to $12.9 billion in the first quarter, a result that Laguarta said was negatively affected by foreign exchange rates. He added that organic growth for the quarter was over 5%.
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