PepsiCo misses earnings estimates as U.S. consumers cut spending

PepsiCo reported secondquarter results that fell short of analysts' earnings expectations, even as revenue came in above forecasts. The company said stronger demand in international markets helped offset weaker performance in North America. For the quarter ended June 13, adjusted earnings per share were $2.20 versus the $2.21 expected by Wall Street, while revenue reached $24.18 billion, above estimates. Net income rose from a year earlier, and organic revenue increased 2.4%. PepsiCo said demand was softer in the U.S., especially in its North American beverage business, where volume fell 4%. Executives linked the slowdown to tighter consumer budgets and higher fuel costs, while noting that conveniencestore traffic remained weak. The company kept its fullyear forecast unchanged.