Gross margin was flat at 43.2%.

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Sales at First Data's other two businesses (payment processing for merchants and credit card services), which had a combined 21% operating margin, were flat.

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While we expect Pepsi Gross Profit Margin to remain flat over the Trefis forecast period, Trefis members expect the driver to trend below the Trefis forecast till 2012, and then trend above until 2016.

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