Snack and beverage giant PepsiCo has reaffirmed its full-year outlook despite booking a drop in first-quarter earnings hit by the devaluation of the Venezuelan currency.

In the quarter ended 23 March, earnings fell 4.6% to US$1.08bn, or 69 cents per share, the group reported today (18 April). Analysts polled by Thomson Reuters forecast profit of 71 cents per share.

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Operating profit in the period amounted to $1.66bn, a 4% decline on the year. Core constant-currency operating profit, which excludes items like foreign exchange and restructing charges, was up 9%.

Net sales edged up 1% to $12.58bn. Sales from its PepsiCo Americas Foods arm grew 6%. Revenue from PepsiCo’s Frito-Lay North America snack unit increased 4% in the quarter.

PepsiCo stood by its 2013 earnings growth forecast of 7% from the $4.10 per share it earned in 2012.

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