Pepsi (NYSE: PEP) reported Q2 EPS of $1.32, $0.08 better than the analyst estimate of $1.24. Revenue for the quarter came in at $15.9 billion versus the consensus estimate of $15.83 billion.

2015 Guidance and Outlook

The company expects mid-single-digit organic revenue growth and increased its core constant currency EPS growth target to 8 percent from 7 percent versus its fiscal 2014 core EPS of $4.63.

*** The Street sees FY15 EPS of 4.52.

Based on the current foreign exchange market consensus, the company expects foreign exchange translation to have an unfavorable impact of approximately 9 percentage points on full year net revenue growth and approximately 11 percentage points on full year core EPS performance in 2015, reflecting current expectations for strength of the U.S. dollar.

In addition, the company expects:

• Low- to mid-single-digit commodity inflation, which includes the estimated impact of transaction-related foreign exchange;
• Productivity savings of approximately $1 billion;
• Higher net interest expense driven by higher interest rates and net debt balances;
• A core effective tax rate of approximately 25 percent;
• Over $10 billion in cash flow from operating activities and more than $7 billion in free cash flow (excluding certain items);
• Net capital spending to be approximately $3 billion, within the company's long-term capital spending target of less than or equal to 5 percent of net revenue; and
• To return a total of $8.5 to $9 billion to shareholders through dividends of approximately $4 billion and share repurchases of $4.5 to $5 billion.

For earnings history and earnings-related data on Pepsi (PEP) click here.