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Summary Box: PepsiCo 2Q profit rises



By AP
23 July 2008 @ 03:52 pm EST

SNACK PRICES: The food and snacks company raised Frito-Lay prices by a mid-single digit rate over last year to offset rising commodity prices for grains and cooking oil.

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PEP 68.92 0.53

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COLA WOES: Sales volume for U.S. beverages fell by 1 percent as consumers who want to save money and cut waste bought less Aquafina bottled water and trademark Pepsi-Cola.

COST CUTTING: The company will disclose plans for a "meaningful" cost-cutting program at the end of the third quarter or early in the fourth quarter.

MORE BUYBACKS: PepsiCo will buy back an additional $1 billion in shares this year, increasing its total share repurchase plan to $5.3 billion for 2008.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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