PepsiCo: Steady profit supports chief

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PepsiCo’s second-quarter profit beat analysts’ estimates after it reduced expenses, the largest snack maker reported yesterday. Net income totalled $1.98 billion (R21bn), or $1.29 a share, compared with $2.01bn, or $1.28, a year earlier, the New York-based company said in a statement. Excluding some items, profit totalled $1.32 a share. The average of 17 analysts’ estimates was $1.23 on this measures. PepsiCo also boosted its full-year earnings forecast. The results give chief executive Indra Nooyi fresh ammunition as she contends with activist investor Nelson Peltz, who has lobbied for the company to break up its snack and beverage businesses. Nooyi has spurned that idea, opting instead for a plan to improve performance and cut costs. – Bloomberg


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