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Pepsi backs 2010 EPS growth outlook

(Reuters) - PepsiCo Inc <PEP.N> reaffirmed its earnings growth forecast for 2010 on Monday, a day after the soft-drink giant said it would cut levels of salt, sugar and saturated fats in its top-selling products. The company, which owns the Pepsi, Frito-Lay and Quaker brands, expects earnings per share to grow 11 to 13 percent on a core constant currency basis for 2010 and continued to target low double-digit growth for 2011 and 2012.

22 March 2010 11:34 GMT

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(Reuters) - PepsiCo Inc reaffirmed its earnings growth forecast for 2010 on Monday, a day after the soft-drink giant said it would cut levels of salt, sugar and saturated fats in its top-selling products.

The company, which owns the Pepsi, Frito-Lay and Quaker brands, expects earnings per share to grow 11 to 13 percent on a core constant currency basis for 2010 and continued to target low double-digit growth for 2011 and 2012.

"We are refreshing and growing our company to adapt to a changing environment and to evolving consumer needs," Indra Nooyi, PepsiCo chairman and chief executive officer, said in a statement on Monday.

"We are stepping up our science-based innovation to serve increasingly health-conscious consumers and develop products tailored to key cohort groups, like women and boomers," Nooyi said.

On Sunday, the company had also said it would increase whole grains, fruits and vegetables, nuts, seeds and low-fat dairy in its product portfolio.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Ratul Ray Chaudhuri)

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