PepsiCo says sees low single digit commodity inflation in 2014 Says the world continues to be a "volatile and uncertain place," saw signs of this in Q1. Says well-positioned to deliver top-tier returns in the current violent environment. Says on track to achieve three-year $3B productivity program in 2014. Sees FY core tax rate of about 25%. Says foreign exchange picture in Venezuela "very dynamic." Says foreign exchange is expected to negatively impact net revenue and core EPS for FY14 by approximately 3% and 4%, respectively, based on current market consensus rates. Sees EMEA division facing "very difficult" operating profit comparisons. Says foreign exchange translation should have an approximate four-point unfavorable impact on Q2 revenue and an approximate five-point unfavorable impact on Q2 EPS based on current market consensus rates. Sees FY free cash flow over $7B, net CapEx $3B. Says share repurchase activity will occur throughout the year, but is expected to have a more pronounced impact in 2H14 and into 2015. Comments made on the Q1 earnings conference call.