Investors pushed shares of PepsiCo (NASDAQ:PEP) higher today, after the soda and snack company reported better-than-expected earnings for its fiscal 2014 second quarter and increased EPS guidance.

For the period ended June 14, Pepsi posted a non-generally accepted accounting principles profit of $1.32 per share. This trounced analysts estimates for earnings per share of just $1.23 in the quarter. Revenue climbed 0.5% to $16.9 billion in the period, which was slightly ahead of Wall Street's estimates for quarterly revenue of $16.8 billion.

Source: The Motley Fool

Pepsi said the strong results reflect the growing power of its portfolio of products and brands. As a result, Pepsi's chief executive, Indra Nooyi, said in a statement, "Based on the strength of our year-to-date results and our outlook for the remainder of the year, we're increasing our full-year, core constant currency EPS growth target to eight percent." Management had previously targeted full-year EPS growth of 7%.

The soda and snack giant generated growth across each of its four business segments, with 3.6% organic revenue growth in the period. Additionally, organic revenue climbed 5% for global snacks and 2% for global beverages. Pepsi is now on track to return a total of $8.7 billion to shareholders this year through share repurchases and dividends.

In its closely watched North American beverage business, soda volume fell 2% while non-carbonated drinks rose 1%.

In its Frito-Lay North America division, PepsiCo said lower prices helped lift sales volume. Although the performance was muted, Chief Financial Officer Hugh Johnston noted in a phone interview with The Associated Pess that the unit is expected to benefit in the current quarter from the rollout of special flavors -- Cappuccino, Mango Salsa, Wasabi Ginger, and Bacon Mac & Cheese.

Shares of PepsiCo had moved higher by more than 2.5% as of 12:45 p.m.

-- Material from The Associated Press was used in this report.

Tamara Rutter owns shares of Apple. The Motley Fool recommends Apple and PepsiCo. The Motley Fool owns shares of Apple and PepsiCo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.