Pepsi Quarterly Revenue Rises, Profit Falls
13 February 2020 - 11:00PM
Dow Jones News
By Dave Sebastian
PepsiCo Inc. posted higher revenue for the fourth quarter,
though profit fell as it booked a benefit from income taxes in the
prior year.
The food-and-beverage company said revenue 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.
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.
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.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
February 13, 2020 06:45 ET (11:45 GMT)
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