UPDATE: PepsiCo Reports 20% Drop In Q1 Net Income

PepsiCo Inc PEP reported a 20% decline in its Q1 net income. The company reported its Q1 net income at $1.14 billion, or $0.71 per share, down from $1.43 billion, or $0.89 per share, in the year-earlier period. The company's core earnings came in at $0.74 per share. The company's revenue surged 27% to $11.94 billion. However, analysts were expecting earnings of $0.73 per share on revenue of $11.71 billion. Pepsi continues to project 7% to 8% growth in its full-year 2011 earnings per share. PEP shares gained 0.32% to close at $67.93 yesterday. Read more from Benzinga's Company news.