PepsiCo Inc. (PEP) yesterday reported second-quarter net income of $1.98 billion. The Purchase, New York-based company said it had profit of $1.33 per share. Earnings, adjusted for non-recurring gains, came to $1.32 per share. The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share. The food and beverage company posted revenue of $15.92 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $15.81 billion. PepsiCo shares have increased 1 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 1 percent. The stock has risen 7.5 percent in the last 12 months.