PURCHASE, N.Y. (AP) — PURCHASE, N.Y. (AP) — PepsiCo Inc. (PEP) on Thursday reported first-quarter net income of $2.33 billion.

The Purchase, New York-based company said it had profit of $1.70 per share. Earnings, adjusted for one-time gains and costs, came to $1.61 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.

The food and beverage company posted revenue of $19.44 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $18.95 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP