The West Asian, Indian and Chinese markets of PepsiCo Inc grew snack volumes in strong double digits in the quarter ended March 2011 even as Purchase, New York-based company, reported a 20 per cent drop in net income.
Beverage performance for the quarter was led by double-digit growth in India and mid-single-digit growth in West Asia and China, PepsiCo said when announcing its results on Thursday.
Net income for the quarter stood at $1.14 billion or 71 cents per share, against $1.43 billion or 89 cents per share, a year ago.
Revenues rose 27 per cent to $11.94 billion, against $9.37 billion, reported a year ago. It surpassed analyst estimates of $11.84 billion for the period under review.
At an overall level, worldwide snacks volumes grew three percent, while beverage volumes increased 12 per cent, PepsiCo said.
“We are pleased with the broad-based volume and net revenue growth in the quarter. Growth in emerging markets was strong, driving attractive gains in Eastern Europe, Asia and West Asia,” said PepsiCo Chairman and CEO Indra Nooyi.
“Importantly, we had strong volume growth in both our Frito-Lay snacks and North American beverage businesses, with each up two percent on an organic basis over the prior year. We continue to make investments in innovation, brand building and emerging markets growth, and our first quarter results give us confidence that our investments are paying off. We are focused on managing our global portfolio to succeed in the marketplace and, at the same time, drive profitable growth and strong returns for our shareholders,” she said.