Share Name Share Symbol Market Type
PepsiCo Inc NASDAQ:PEP NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 124.59 116.00 124.99 125.37 122.44 123.19 5,552,050 05:00:00

Pepsi Tops Quarterly Sales Expectations

13/02/2020 12:36pm

Dow Jones News


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By Dave Sebastian 

PepsiCo Inc. posted higher sales for the fourth quarter, beating analysts' expectations, as its namesake beverage and snacks drove gains along with sales in international markets.

The food-and-beverage company said sales rose 5.7% to $20.64 billion for the quarter ended Dec. 28, 2019, from the prior year. Analysts polled by FactSet were looking for $20.25 billion.

Shares rose 0.2% in premarket trading.

The company's organic revenue grew 4.3% for the latest period and said it anticipates the metric, which strips out the effect of currency swings and acquisitions, to grow 4% in 2020.

Revenue at its North American beverage division, the company's biggest contributor, rose 4%. Pepsi has said it is putting out a new beverage that combines cola and coffee called Pepsi Café in the U.S. in April.

In its Frito-Lay North America division, which produces potato chips and other snacks, sales rose 3%.

Latin America sales rose 5%, Europe sales rose 15% and sales in the Asia-Pacific, Australia, New Zealand and China region rose 8%. In Africa, the Middle East and South Asia, sales rose 3%.

Net income fell to $1.77 billion, or $1.26 a share, from $6.85 billion, or $4.83 a share, in the comparable quarter last year. The company booked $4.93 billion in income-tax benefit in the same period last year.

Adjusted earnings were $1.45 a share, ahead of the $1.44 a share analysts were looking for. The company expects adjusted per-share earnings to grow 7% in 2020.

Pepsi also said it has increased its annual dividend to $4.09 a share from $3.82 a share, payable in June.

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

February 13, 2020 07:21 ET (12:21 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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