PepsiCo ( PEP) is feeling some carbonated pressure.

The soft drink- and snack-maker saw second-quarter profit fall 2% as U.S. sales softened, but managed to beat Wall Street's expectations.

During the quarter, Pepsi earned $1.66 billion, or $1.06 a share, compared with $1.7 billion, or $1.05 a share, in the year-ago period. Excluding one-time costs for restructuring and other charges, the company said it earned $1.02 per share, beating Wall Street estimates of $1 a share.

The number of shares outstanding was lower in the most recent quarter.

Revenue slumped 3% to $10.59 billion from $10.95 billion. In North and South America, revenue from drink sales fell 7 %, as soda demand remained weak and shoppers shunned Gatorade for cheaper alternatives.

But the company did see growth in its North and South America Frito-Lay and its food business. PepsiCo International results were mixed, with declines in Europe but growth in Asia, the Middle East and Africa.

Pepsi continued to raise prices to offset commodity prices that reached record highs earlier in the year, and roped in customers with promotions.

Pepsi reaffirmed that it expects its 2009 profit will grow by a mid- to high-single digit percentage over 2008 profit of $3.68 per share.

Notably, the company failed to mention any updates on its takeover bid for Pepsi Bottling Group ( PBG) and PepsiAmericas ( PAS). Its bid was rejected by the bottlers for being too low, and analysts are waiting for Pepsi to raise its offer.

On Tuesday, rival Coca-Cola ( KO) actually saw a 43% jump in its second-quarter profit, boosted by overseas sales, which helped offset the decline caused by the stronger dollar.
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