AP – PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks.
Revenue rose more than 10 per cent to USD28 billion. That was better than the USD26.8 billion Wall Street had forecast, according to analysts polled by FactSet.
Pepsi’s net income fell 60 per cent to USD535 million, largely due to a USD1.5 billion impairment charge for its SodaStream brand and other assets. Without one-time items, Pepsi earned USD1.67 per share in the October-December period, beating analysts’ forecast of USD1.65.
Higher prices helped it navigate rising costs for fuel as well as commodities like cooking oil and potatoes, the company said yesterday.
The Purchase, New York, company expects to deliver organic revenue growth of six per cent this year, a slower pace from its full-year organic growth of 14.4 per cent in 2022. It also plans USD1 billion in share repurchases.
