PepsiCo, Inc. (NYSE:PEP) released the results from its most recently completed quarter this morning, posting sales of $12.62 billion, compared to $12.58 billion in the same quarter a year ago. Earnings per share rose to 79 cents. Profits rose 13% to $1.22 billion for the first quarter. Excluding items, core earnings increased to 83 cents per share. Analysts had been expecting earnings of 75 cents per share on $12.4 billion in revenue.

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PepsiCo relies on both beverages and snacks

Trian Partners has been trying to convince PepsiCo, Inc. (NYSE:PEP) to split its snacks and beverages businesses into two separate businesses. In this morning’s release, however, Chairman and CEO Indra Nooyi attributed their continued success to their broad range of brands.

“We continue to perform well, in part, because we have strong, balanced portfolios of brands, products and geographies that enable us to capture growth opportunities across multiple demand spaces while we responsibly manage through the volatility and challenges in other parts of the business,” he said in a statement.

Breaking down Pepsi’s results

According to this morning’s release, PepsiCo, Inc. (NYSE:PEP)’s beverage volume remained flat during the quarter, although snacks increased 2%. In North America, carbonated soft drink volume declined 1%, although organic revenue rose 1%. PepsiCo Americas Foods saw organic revenue growth of 5% during the quarter. Frito-Lay North America saw its organic revenue increase 4%, while Latin America Foods’ organic revenue climbed 9% during the quarter. Quaker Foods North America’s organic revenue rose 1%.

In Europe, PepsiCo, Inc. (NYSE:PEP)’s organic revenue increased 7%, while it rose 6% in Asia, the Middle East, and Africa. The main driver of the latter region was snacks volume growth, while growth in Europe was more balanced between snacks and beverages.

PepsiCo reaffirms guidance

The soft drink maker also reaffirmed its guidance of about 7% growth in adjusted earnings per share for the full year. Last year PepsiCo, Inc. (NYSE:PEP)’s earnings per share was $4.37. The company believes foreign exchange rates will have about a 4 percentage point negative impact on full-year core earnings per share growth this year.

PepsiCo, Inc. (NYSE:PEP) said it plans to return about $8.7 billion to shareholders through share buybacks and dividends this year. That number would be a 35% year over year increase. Pepsi also said it is on track to deliver about $1 billion in annual productivity savings this year.