PepsiCo ( PEP ) met first-quarter earnings estimates as the soft drink and food giant's international division benefited from the weak dollar.

The Purchase, N.Y.-based company earned $804 million, or, 46 cents a share, on revenue of $6.13 billion, vs. $698 million, or 40 cents a share, on revenue of $5.53 billion a year ago.

Analysts were expecting net income of $795.8 million, or 46 cents a share, on sales of $6.03 billion.

The company also said its "outlook for 2004 remains very positive" and is targeting full-year EPS of approximately $2.29 a share, a penny below the consensus estimate of $2.30 a share, according to Thomson First Call.

The company said it is producing strong growth across its businesses, having delivered double-digit division revenue growth for the second consecutive quarter.

Revenue from its Frito-Lay unit rose to $2.14 billion in North America from $2.03 billion a year ago. Revenue at its North American beverage operations rose from $1.54 billion to $1.72 billion. .

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