UPDATE: PepsiCo Posts Upbeat Q1 Earnings

PepsiCo PEP reported a 4.6% decline in its first-quarter earnings. Pepsi's quarterly profit fell to $1.08 billion, or $0.69 per share, from $1.13 billion, or $0.71 per share, in the year-ago period. Excluding one-time items, its core earnings surged to $0.77 from $0.69 per share. Its revenue rose 1.2% to $12.58 billion, while organic revenue gained 4.4%. However, analysts were expecting earnings of $0.71 per share on revenue of $12.53 billion. Its operating margin narrowed to 13.2% from 13.9%. Pepsi shares closed at $78.85 yesterday.