PepsiCo and Dr. Pepper Snapple released their latest earnings reports before opening bell this morning. PepsiCo posted core earnings of 94 cents per share on $12.05 billion in revenue, compared to the analyst estimates of 92 cents per share and $11.98 billion. In last year’s first quarter, the beverage maker posted core earnings of 89 cents per share on $11.86 billion in sales.

Dr. Pepper Snapple posted adjusted earnings of $1.01 per share, compared to the consensus of 96 cents per share, on $1.5 billion in revenue, compared to the consensus of $1.55 billion. In last year’s first quarter, the company posted $1.49 billion in revenue.

PepsiCo’s earnings rise

pepsico dr. pepper snapple earnings
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PepsiCo’s GAAP earnings per share rose to 91 cents from 64 cents per share a year ago. Frito Lay North America organic revenues grew 2% year over year, while Quaker Foods North America revenues declined 3.5%. North America Beverages revenues rose 1%, while Latin America sales increased 6%. Revenues for the Europe and Sub-Saharan Africa region increased 4%, while revenues in the Asia, Middle East and North Africa region rose 2%.

“We achieved solid revenue growth in the first quarter underpinned by global volume growth and positive net price realization, despite challenging food and beverage industry trading conditions in North America and continued volatility in a number of developing and emerging markets,” PepsiCo Chairman and Chief Executive Indra Nooyi said in a statement. “Our first quarter results were in line with our expectations, and we are on track to achieve our financial objectives for 2017.”

Shares of PepsiCo declined by as much as 0.84% to $113.20 in premarket trades.

Dr. Pepper Snapple closes Bai acquisition

Dr. Pepper Snapple’s GAAP earnings were flat year over year at 96 cents per share. Sales volume grew 1%, including the Bai acquisition, which closed at the end of January.

“Our teams executed on our strategy of unlocking growth across our priority brands through integrated communication and execution in the quarter,” President and Chief Executive Larry Young said in a statement. “We outperformed the CSD category and grew both dollar and volume share in IRi measured markets.”

Dr. Pepper Snapple expects sales to grow by about 4% for the full year and projects earnings of $4.56 to $4.66 per share.

Shares of Dr. Pepper Snapple Group were unchanged at $98.41 in premarket trades.