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%.