PURCHASE, N.Y. — PepsiCo Inc. today reported first-quarter profit of $1.71 billion.

On a per-share basis, the company said it had net income of $1.24. Earnings, adjusted for one-time gains and costs, were $1.21 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The food and beverage company posted revenue of $14.82 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $14.59 billion.

PepsiCo shares have fallen 4% since the beginning of the year, while the S&P’s 500 index has increased nearly 10%. The stock has risen nearly 3% in the past 12 months.