PepsiCo's overall product portfolio comprises 22 brands including Pepsi, Mountain Dew, Gatorade, Tropicana, Lay's, Doritos, Cheetos and Quaker Oats that generate more than $1 billion each in annual retail sales. We have maintained our Neutral rating on PepsiCo, Inc. ( PEP ) following appraisal of the first quarter 2012 results. PepsiCo's first quarter 2012 earnings declined 7% year over year to 69 cents per share as top-line growth was offset by commodity inflation.