P.M. BRIEFING : Profits Up 10.2%, PepsiCo Says

PepsiCo Inc. said today its first-quarter profit rose 10.2%, led by markedly better returns in its domestic soft drink and worldwide restaurant operations.

The Purchase, N.Y.-based company said it earned $181.9 million, or 68 cents per share in the three months ended March 24, compared with $165.1 million, or 62 cents per share, a year earlier.

Revenue for the quarter rose 24.3% to $3.68 billion, from $2.96 billion a year ago.

Operating earnings increased 26% for the quarter, fueled by strong volume growth in its soft drink, restaurant and snack foods operations.

Operating profit in soft drinks rose 27% to $151.5 million as sales rose 25% to $1.3 billion. Excluding acquisitions, sales were up 8%, and operating profit jumped 24%.

Operating profit rose 39% at Pizza Hut to $51.1 million, and 37% at Kentucky Fried Chicken to $23.5 million. The Taco Bell chain’s operating profit rose 48% to $16.4 million on sales growth of 27 percent to $356.3 million.