Washington, Apr 24 (AP) PepsiCo lowered its full-year earnings expectations on Thursday, citing increased costs from tariffs and a pullback in consumer spending.

The maker of Pepsi beverages and Frito-Lay snacks said it now expects its core earnings per share to be even with last year. Previously it expected mid-single-digit percentage growth.

A 25 per cent tariff on imported aluminum is among those hitting PepsiCo and other beverage makers.

PepsiCo’s net revenue fell 1.8 per cent to USD 17.9 billion in the first quarter as its sales volumes dropped around the world. That was slightly higher than the USD 17.8 billion Wall Street was expecting, according to analysts polled by FactSet.

The Purchase, New York, company’s net income fell 10 per cent to USD 1.8 billion.

Adjusted for one-time items, PepsiCo earned USD 1.48 per share. That was slightly lower than the USD 1.49 analysts forecast. (AP) PY PY