PepsiCo Inc. reported a lower quarterly profit Thursday, hurt by higher costs, and stood by its full-year outlook.
The drink and snack maker said net income was $1.14-billion, or 71 cents per share, in the first quarter, compared with $1.43-billion, or 89 cents per share, a year earlier.
Revenue rose to $11.94-billion from $9.37-billion.
The company said it still expected 2011 earnings to grow 7 per cent to 8 per cent from $4.13 per share in 2010.
PepsiCo said its 2011 forecast anticipated "high global commodity cost inflation, difficult macroeconomic conditions in developed markets and ongoing strategic investments in emerging markets and in brand-building activities."
Beyond 2011, PepsiCo forecast high-single-digit earnings-per-share growth, due in part to an expectation of continued commodity cost inflation and macroeconomic uncertainty.