PepsiCo Inc. (NYSE: PEP) released its second-quarter financial results before the markets opened Thursday morning. The food and beverage giant had $1.32 in earnings per share (EPS) on $15.9 billion in revenue. That compared to Thomson Reuters consensus estimates of $1.24 in EPS on $15.83 billion in revenue. In the same period of the previous year, the beverage and snack giant posted EPS of $1.32 and revenue of $16.89 billion.

The company gave guidance for 2015 with an EPS growth target of 8% and revenue growth in the mid single-digit range. The consensus estimates call for $4.42 in EPS on $63.66 billion in revenue for 2015.

Overall the company believes that the macroeconomic environment around the world remains volatile and foreign exchange headwinds persist in many of its international markets. However, the steps Pepsi is taking to manage its businesses responsibly are contributing to top- and bottom-line year-to-date results. So far in 2015 Pepsi is on track to deliver roughly $1 billion in productivity savings and $8.5 billion to $9 billion cash returns to shareholders.

Indra Nooyi, chairman and CEO of Pepsi, commented on earnings:

Our results also reflect our keen focus on innovation, brand building and marketplace execution. Through scientific R&D and strategic insights, we are developing sustainable innovation to offer consumers the range of food and beverage choices they’re looking for and creating a powerful platform for growth. As a result, we continue to drive growth for our retail partners. Notably, in the second quarter, PepsiCo was once again the largest contributor to retail sales growth in the U.S., our largest market, among all food and beverage manufacturers, with over $400 million of retail sales growth in all measured channels.

At the end of the quarter, the company had cash and cash equivalents of $7.56 billion, compared to $6.13 billion at the end of 2014.

Shares of Pepsi closed Wednesday down 0.8% to $95.61, in a 52-week trading range of $87.46 to $100.76. In early market indications Thursday, shares were up 2.7% at $98.15. The stock has a consensus analyst price target of $106.15.

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