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PepsiCo profit drops 5 pct; adjusted net tops St.

PURCHASE, N.Y. (AP) -- PepsiCo's first-quarter profit fell 5 percent, but higher prices lifted the soda and snack maker's sales.

Adjusted profit topped Wall Street's view and the maker of Frito-Lay, Gatorade and other products stood by its full-year earnings forecast, following a year in which it cut costs and invested more heavily in marketing for its biggest brands.

For the period ended March 23, PepsiCo Inc. earned $1.08 billion, or 69 cents per share. That's down from $1.13 billion, or 71 cents per share, a year earlier.

Excluding the impact of Venezuela's currency devaluation and other items, per-share earnings rose 12 percent to 77 cents. Analysts expected 70 cents, according to FactSet.

Revenue for the Purchase, N.Y., company rose 1 percent to $12.58 billion, beating analysts' prediction of $12.54 billion.