PURCHASE, NY. — A pre-tax impairment charge related to the war in Ukraine dragged down second-quarter earnings at PepsiCo, Inc. but didn’t dampen the spirits of company executives who said business momentum continues.

“Our results are indicative of our highly dedicated employees, the strength and resilience of our categories, agile supply chain and go-to-market systems and strong marketplace execution,” said Ramon Laguarta, chairman and chief executive officer. “Our performance also gives us confidence that our investments to become an even Faster, even Stronger, and even Better organization by winning with pep+ are working. Given our year-to-date performance, we now expect our full-year organic revenue to increase 10% (previously 8%) and we continue to expect core constant currency earnings per share to increase 8%.”

Net income in the second quarter ended June 11 totaled $1.43 billion, equal to $1.03 per share on the common stock, down 39% from $2.36 billion, or $1.70 per share, in the same period a year ago. The most recent quarter included a $1.4 billion pre-tax impairment charge related to the Russia-Ukraine conflict as well as a $13 million gain from the sale of the Tropicana, Naked and other select juice brands to PAI Partners.

Net revenues, meanwhile, increased to $20.23 billion from $19.22 billion.

Shares of PepsiCo climbed as high as $173.32 in early morning trading on the Nasdaq on July 12, up from a close of $170.47 on July 11 and the highest level since May 18.

Operating profit at Frito-Lay North America (FLNA) totaled $1.45 billion, up 4.8% from $1.38 billion in the second quarter of fiscal 2021. Net revenue in the unit also increased, climbing nearly 14% to $5.18 billion from $4.55 billion.

“Importantly, Frito-Lay gained market share in both the macrosnack and savory snack categories for the second quarter and year-to-date,” Mr. Laguarta said in prepared remarks released in connection with the financial results. “Investments we have made in innovation, marketing and consumer insights, manufacturing and go-to-market capacity are providing benefits across the portfolio with Doritos, Cheetos, and Ruffles each delivering double-digit net revenue growth and Tostitos and Lay’s delivering high-single-digit net revenue growth.

“Smaller, emerging brands geared toward more nutritious snacking such as PopCorners, Smartfood and SunChips each delivered double-digit net revenue growth for the quarter. In addition, Frito-Lay continues to focus on offering more choices to meet the changing needs and preferences of consumers.”

Within the Quaker Foods North America (QFNA) unit operating income was $135 million, up 5.5% from $128 million in the same period a year ago. Net revenue was $675 million, up 17% from $575 million.

“Quaker’s second-quarter performance also included double-digit net revenue growth in the rice and pasta, lite snacks, cookies, snack bars, oatmeal and ready-to-eat cereal categories as consumers seek more nutritious and satisfying products that offer great taste, convenience, and value,” Mr. Laguarta said.

Operating profit in the PepsiCo Beverages North America (PBNA) unit totaled $651 million, down 20% from $809 million in the same period a year ago. Net revenue totaled $6.12 billion, down from $6.16 billion.

“Investments we have made in our brands, pricing, technology, consumer insights, manufacturing and go-to-market execution are fueling growth across the portfolio with double-digit net revenue growth in Gatorade, Aquafina and Lifewtr, high-single-digit growth in Pepsi and Mountain Dew and mid-single-digit growth in Rockstar,” Mr. Laguarta said. “Beyond these capabilities, we have also directed investments toward innovation to offer more choices and meet the rapidly evolving needs of our consumers.”

PepsiCo said it sustained a loss of $797 million in its Europe segment in the second quarter, which compared with operating profit of $405 million in the same period a year ago. Net revenue in Europe was $3.02 billion, down from $3.29 billion.