updated 4/14/2005 8:12:59 AM ET 2005-04-14T12:12:59

PepsiCo Inc., the snack food and soft drink company, said Thursday that first-quarter earnings rose 13 percent, led by strong profit growth in its international operations, and raised its full year earnings forecast by a penny due to a favorable tax change.

PepsiCo, whose soft drink business is the second biggest after Coca-Cola Co., reported earnings of $912 million, or 53 cents per share, for the three months ended March 19, up from $804 million, or 46 cents per share, in the year-ago period.

Revenue for the quarter rose 7 percent to $6.59 billion from $6.13 billion a year ago. In addition to soft drinks, PepsiCo owns the snack food business Frito-Lay.

Wall Street had forecast earnings of 50 cents per share, according to 16 analysts surveyed by Thomson Financial. Revenue was expected to total about $6.47 billion.

PepsiCo expects to report 2005 earnings of at least $2.56, excluding the 53rd week in its fiscal year. Including the extra week, it forecast earnings of at least $2.60 per share.

In its previous financial forecast March 30, PepsiCo had estimated earnings of at least $2.55 excluding the 53rd week, and earnings of at least $2.59 per share including the extra week.

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