Stronger dollar squeezes PepsiCo's profit

(AP) NEW YORK - PepsiCo Inc. (PEP) says its profit fell 21 percent in the second quarter as one-time restructuring costs and a stronger dollar ate into results.

The company, whose brands include Frito-Lay, Gatorade and Tropicana, is among the many U.S companies taking a hit as the dollar strengthens.

PepsiCo said it earned $1.48 billion, or 94 cents per share. That's down from $1.89 billion, or $1.17 per share, in the same period last year.

Excluding one-time items, PepsiCo said it earned $1.12 per share. Analysts polled by FactSet expected $1.09 per share.

Revenue slipped to $16.5 billion, from $16.8 billion, which the company said was primarily the result of refranchising its beverage businesses in China and Mexico.

PepsiCo is based in Purchase, N.Y.