Pepsico (PEP) Earns $1.6 Billion, Sees 11% To 13% Earnings Growth

Pepsico, Inc. PEP announced on Tuesday morning that it just beat consensus Wall Street earnings estimates. Pepsico (PEP) reported that its 2nd quarter net income fell 3% to $1.6 billion, or 98 cents per share, down from $1.7 billion, or $1.06 per share, a year earlier. Excluding special items, the company reported earnings of $1.09 per share. Revenue jumped to $14.8 billion, up from $10.6 billion, due to the company's acquisition of two of its bottlers. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.08 per share, on revenue of $14.41 billion. The company says that it expects earnings growth of 11% to 13% for the full fiscal year of 2010. Shares of PEP were down 0.64% to $62.05 per share on Monday. Analysts covering the stock have a consensus price target of $73.86 per share. Purchase, New York based Pepsico, Inc. manufactures, markets and sells a wide array of beverages and foods throughout the world, with many of its products household names. Read more from Benzinga's Company news.