PepsiCo’s fourth-quarter profit increased due to lower charges, despite a slight decline in revenue. The food and beverage company announced that it is raising its annual dividend by 7% and intends to repurchase approximately $1 billion of its shares.
For the three months ending on Dec. 30, PepsiCo reported earnings of $1.3 billion, or 94 cents per share, compared to $518 million, or 37 cents per share, a year earlier. Excluding an impairment charge and other items, earnings were $1.78 per share, surpassing analysts’ expectations of $1.72 per share.
Revenue decreased to $27.86 billion from $28 billion, falling short of Wall Street’s estimate of $28.24 billion. PepsiCo has been grappling with higher prices and how to pass those costs along, resulting in double-digit percentage price increases for several quarters.
Carrefour, a global supermarket chain, recently announced that it will cease selling PepsiCo products in its stores in France, Belgium, Spain, and Italy due to price concerns.
2024-02-09 06:33:00
Source from finance.yahoo.com