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PepsiCo Inc., Purchase, N.Y., enjoyed the highest stock price in at least 32 years after the snack-food maker reported that its first-quarter profits topped analysts’ estimates, helped by global snack sales.
CEO Indra Nooyi has been working to boost snack sales and jump-started marketing on key brands, including Lays potato chips and Quaker oatmeal. Sales of Frito Lay North America products increased 4% in the quarter, while PepsiCo Americas Beverages declined 3%. Snack volume sales in Europe also advanced 4%.
“PepsiCo is demonstrating indications of also improving topline trends for Frito Lay North America, and comparatively high growth in International,” states Mark Swartzberg, an analyst for New York City’s Stifel Financial Corp.