PepsiCo Inc. (NYSE: PEP) reported first-quarter 2013 results before markets opened this morning. For the quarter, the food and beverage company posted adjusted diluted earnings per share (EPS) of $0.77 on revenues of $12.58 billion. In the same period a year ago, the company reported EPS of $0.69 on revenues of $12.43 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.71 and $12.61 billion in revenues.

On a GAAP basis, EPS for the quarter totaled $0.70, which excludes a write-down on Venezuelan assets, a charge on mark-to-market hedges and a restructuring charge.

The company reiterated its full year 2013 EPS guidance to 7% above the $4.10 the firm earned in 2012. PepsiCo also continues to expect low single-digit inflation in commodity prices. Guidance is inline with consensus estimates.

The company’s CEO said:

We’re greatly encouraged by the strong start to 2013. We delivered solid organic revenue growth and double-digit core EPS growth in the first quarter, driven by our balanced food and beverage product and global geographic portfolio. Our investments in creating this portfolio are paying off and our brand and innovation strategies are driving sustainable top-line growth.

U.S. revenue was flat with a year ago, while Europe was up 4% and Asia was down 14% due to the negative impact of a 27% hit to revenues from the company’s refranchising of its bottling operations in China. Excluding the impact of that, Asian revenue rose 15%.

PepsiCo’s shares are up about 0.7% in premarket trading, having closed last night at $78.85 in a 52-week range is $65.68 to $80.48. Thomson Reuters had a consensus analyst price target of around $81.20 before today’s report.

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