PepsiCo, Inc. (NYSE:PEP) released the results from its most recently completed quarter this morning, posting adjusted earnings of $1.32 per share on $16.89 billion in revenue. Analysts had been expecting earnings of $1.23 per share.

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Reported earnings were $1.29 per share. In the same quarter a year ago, Pepsi reported $1.28 per share in earnings. The soda maker reported revenue of $16.8 billion in the second quarter of last year.

Breaking down Pepsi’s earnings

Pepsi reported 3.6% growth in organic revenue and a .5% growth in reported net revenue. Core constant currency earnings per share and operating profit increased 3%, while reported earnings per share and operating profit rose by 1% each.

For Pepsi’s global snacks segment, organic revenue increased 5%, while its global beverages segment saw a 2% increase in organic revenue. Organic revenue from emerging and developing markets increased 8%. The soda maker’s core cross margin increased by 60 basis points in the quarter as the company implemented more effective management strategies for revenue and new initiatives to improve productivity.

The company reported a 2% increase in organic and net revenue at its Frito-Lay North America segment and an 8% increase in organic revenue for its Latin America Foods division. In Mexico, Pepsi saw a low single digit decline in organic revenue. The company’s PepsiCo Americas Beverages saw a 1% increase in organic revenue, including a 1% growth in non-carbonated beverages in North America.

Organic revenue in Europe increased by 5%, while it rose 7% in Asia, the Middle East and Africa.

Pepsi raises guidance

Pepsi also increased its full year earnings per share growth for 2014 from 7% previously to 8%. The company said it is on track to save $1 billion due to productivity improvements this year. Pepsi also said it will return $8.7 billion to shareholders this year by paying $3.7 billion in dividends and buying back $5 billion worth of its shares.

Excluding impacts from structural changes and currency exchange, Pepsi expects mid single digit growth in organic revenue.