Though Pepsi's latest commercials carry the tag line, "It's the cola," PepsiCo's (NYSE:PEP) first-quarter results confirm that the company is about much more than that.

PepsiCo's strong sales and earnings growth was supported by a broad product portfolio, of which U.S. Pepsi sales are steadily becoming a less critical component. Both the Frito-Lay and Pepsi International divisions are bigger than the North American beverage group. Within that group, non-carbonated drinks like Gatorade, Aquafina, and Propel are generating sales growth at double-digit rates, while sales volume for Pepsi has been largely flat.

PepsiCo's first-quarter revenues expanded year over year by more than 9%, to $7.21 billion. International sales drove much of that increase, with revenue growth of 12%. The company's operating profit growth rate was somewhat less robust at 8%, reflecting the pressure of commodity price increases during the quarter.

While rival Coca-Cola (NYSE:KO) remains dominant in soft-drink markets, PepsiCo's results seem to validate its growth strategy. It's successfully leveraging the scale advantages it developed from cola by marketing a much broader portfolio of products than Coca-Cola's. By following this different game plan, PepsiCo has developed or acquired a number of brands that now generate more enthusiasm among consumers than either Coke or Pepsi. In addition to its ability to push alternative products through existing distribution channels, many of PepsiCo's non-cola products -- such as snack foods -- deliver richer profit margins than its soda syrup sales.

Shares of PepsiCo have recently been selling for $58, or 24 times earnings. By comparison, shares of Coca-Cola are trading around 21 times earnings. But Coke's dominant market share and more focused product strategy make it difficult for that company to find new opportunities for sales growth. On the other hand, growth opportunities for PepsiCo seem easier to realize. With 60% market share in the United States, PepsiCo seems well-positioned to extend its market dominance in salty snacks to international markets.

At a historically attractive multiple, shares of PepsiCo appear to be well-valued for a dynamic and growing company.

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Fool contributor Michael Leibert welcomes your feedback at [email protected]. He does not own shares in any of the stocks mentioned above.