UPDATE: Dr Pepper Snapple Group Reports Upbeat Q1 Earnings

Dr Pepper Snapple Group Inc DPS reported upbeat earnings for the first quarter. DPS reported its quarterly net income at $114 million, or $0.50 per share, down from $89 million, or $0.35 per share, in the year-earlier period. The company's revenue surged to $1.33 billion from $1.25 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $1.31 billion. Dr Pepper Snapple projects 2011 earnings of $2.70 to $2.78 per share, versus analysts' estimates of $2.74 per share. DPS shares fell 0.31% to close at $38.63 yesterday. Read more from Benzinga's Company news.