Shares of PepsiCo (NASDAQ: PEP) have hit a record high in the Wednesday trade, after the food and beverage corporation posted better-than-expected quarterly earnings and revenue reports, as its business, especially Frito-Lay subsidiary, continues to expand worldwide.
PepsiCo’s stock rallied 3% in the morning trade, hitting a record of $126.85 per share, increasing its market value to $177.6 billion (see the PEP stock chart here).
“Frito-Lay North America and each of our international divisions delivered particularly strong operating performance, and PepsiCo Beverages North America generated sequential quarterly net revenue acceleration,” CEO, Ramon Laguarta.
The Frito-Lay reports showed a Q1 net income of $1.41 billion, or $1 per share, compared to $1.34 billion, or 94 cents per share in the year-ago period.
Net sales advanced 2.6% settling at $12.88 billion, up from estimate consensus of $12.70 billion. Frito-Lay did especially good in this quarter as its sales climbed 5.5% compared with the year-ago period.