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PepsiCo (PEP) CEO Ramon Laguarta promised that price cuts on snacks targeted toward more cost-conscious shoppers were coming when we last spoke on Yahoo Finance several months ago.

And while a recent Bloomberg article pointing out that PepsiCo was still selling a $7.29 party-size bag of Tostitos got some play on social media, the reality is the company's early round of price cuts on snacks looks to be working.

As more of those snack price cuts โ€” which could average more than 15% โ€” appear this summer, PepsiCo's business may be in a much better place by year-end.

Read more: Live coverage of corporate earnings

I want to call attention to this nugget in PepsiCo's better-than-expected earnings this morning.

The company said net revenue and organic revenue (excluding foreign exchange fluctuations) accelerated in its foods business in the first quarter versus the fourth quarter. Volume trends also improved in the food business.

"Innovation and affordability initiatives began to take hold," PepsiCo said, explaining the renewed food growth momentum.

There's more work for PepsiCo to do on its food business, but it was important to show that the initial snack price cuts were working in this earnings release. Check, done.

Here's how PepsiCo's quarter stacked up versus analyst estimates.

Net sales: +8.5% year over year to $19.44 billion vs. estimates for $18.93 billion

North America food sales: $6.33 billion vs. estimates for $6.27 billion

Latin America food sales: $1.9 billion vs. estimates for $1.86 billion

Europe, Middle East & Africa sales: $2.8 billion vs. estimates for $2.68 billion

International beverage sales: $824 million vs. estimates for $807.3 billion

PepsiCo North America beverage sales: $6.4 billion vs. estimates for $6.24 billion

Asia Pacific Sales: $1.1 billion vs. estimates for $1.09 billion

Organic sales growth: +2.6% year over year vs. estimates for +2.4%

Core earnings per share: +9% year over year to $1.61 vs. estimates for $1.55

Organic revenue guidance: +2% to +4% (reiterated) vs. estimates for a 2.89% increasee

Core earnings per share guidance: +4% to +6% (reiterated) vs. estimates for +5.8%

Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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