PepsiCo Inc. reported Wednesday that second-quarter profits rose 9 percent to $1.7 billion and revenues increased 14 percent to $10.9 billion thanks to gains in its food divisions and international operations.

Much like rival Coca-Cola Co., which reported results last week, Pepsi's weakness was its North America beverage business, where declines in carbonated soft drinks and unflavored water pulled down volumes.

Pepsi's results were lifted by strong beverage sales abroad and growth in its food business, both in North America and abroad.

In addition to its soda business, Pepsi, based in Purchase, N.Y., owns Frito-Lay, Quaker Foods, Gatorade and Tropicana.

"The strength and breadth of our global portfolio and geographic footprint delivered another quarter of solid results," Pepsi Chairwoman and CEO Indra Nooyi said in statement. "PepsiCo continued to drive growth across its worldwide snacks and beverage businesses primarily through strong product innovation, well-executed pricing actions, and focus on expense control and productivity."

The results translated into second-quarter earnings per share of $1.05, compared with 94 cents per share in the same period a year ago.

Excluding one-time items, earnings per share were $1.03. Pepsi was expected to make $1.02 per share, according to a survey of analysts by Thomson Financial. Analysts typically exclude one-time items from their estimates.

For the full year, Pepsi said it expects low double-digit growth in revenue and earnings per share of $3.72, or 10 percent higher than comparable earnings per share in 2007.

Atlanta-based Coke reported last week that its second-quarter revenues rose 17 percent to $9 billion and net income fell 23 percent to $1.4 billion.

Coke's profits were hurt by a write-down of assets at Coca-Cola Enterprises, Coke's largest bottler. Coke owns 35 percent of CCE stock.