NEW YORK ( TheStreet) -- Food and beverage giant Pepsi ( PEP) is maintaining its earnings per share growth target of 11% to 13% for the full year from its fiscal 2009 core EPS of $3.71 after reporting earnings and revenue that topped second-quarter estimates.

The company also said that it is targeting pretax annualized synergies from its recent bottling acquisitions of about $400 million once fully implemented by 2012, with one-time costs of about $650 million to achieve these synergies. Synergies to be realized in 2010 are expected to total about $125 million to $150 million.

In 2010, the company expects that the majority of its Venezuelan foreign exchange transactions will be re-measured at the 4.3 exchange rate. As a result of the change to hyperinflationary accounting and the devaluation of the Venezuelan Bolivar, the company recorded a one-time net charge in the first quarter of 2010 of $120 million.

During the second quarter, Pepsi reported net income of $1.6 billion, or 98 cents share, down from $1.66 billion, or $1.06 a share, the previous year. The company reported adjusted earnings of $1.10 a share.

Net revenue was $14.8 billion, up from $10.59 billion the previous year. During the quarter, revenue rose 112% at PepsiCo Americas Beverages, 2% at Frito-Lay North America, 47% at the Europe division and 22% at the Asia, Middle East & Africa division.

Analysts on average were expecting earnings of $1.08 a share on revenue of $14.41 billion.

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In the second quarter, the company repurchased $2.6 billion in common stock, or 39 million shares. The company also spent $739 million on dividends in the quarter. The company plans to make a $600 million discretionary contribution to PepsiCo's pension funds in the third quarter, and it anticipates that share repurchases will total about $4.4 billion in 2010.
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-- Reported by Andrea Tse in New York

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