PepsiCo, the international soft drinks company, has reported a 4% rise in net revenue to $12.4bn in the first quarter of 2012, with the company citing its commitment to maintain prices. Operating profits were flat at £1.7bn, with earnings per share unchanged at $0.71 “in line with management’s expectations”. “Our first quarter results reflect the strength of our brands which allowed us to implement significant pricing actions,” said chairman and chief executive Indra Nooyi. “Effective pricing and packaging initiatives drove 5% constant currency net revenue growth, allowing us to substantially offset approximately $300 million in commodity cost inflation. “With disciplined pricing now in place, we’re doubling our focus on the other key initiatives for 2012. Our top priorities include stepping up our brand support through increased advertising and marketing, accelerating our innovation, and driving an aggressive productivity agenda that includes a significant restructuring program. “All of these initiatives were launched in Q1 with good results, are on track, and will gain momentum as the year progresses. We’re executing on a clear, deliberate game plan that will enhance our competitiveness while also positioning PepsiCo for sustainable growth and value creation for the long term.”