PepsiCo Q4 Profit Soars, Tops Estimates; Boosts Dividend 7% - Quick Facts

(RTTNews) - Snack and beverage giant PepsiCo Inc. (PEP) on Friday reported that fourth-quarter net income attributable to the company surged to $1.30 billion or $0.94 per share from $518 million or $0.37 per share in the year-ago quarter.

Excluding items, core earnings for the quarter were $1.78 per share, compared to $1.67 per share in the year-ago quarter. On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.72 per share for the quarter.

Net revenue for the quarter edged down 0.5 percent to $27.85 billion from $28.00 billion in the same quarter last year. Analysts expected revenues of $28.40 billion for the quarter. Organic revenue growth for the quarter was 4.5 percent.

Looking ahead to fiscal 2024, PepsiCo now projects core constant currency earnings per share growth of at least 7 percent, implying core earnings per share of $8.15, on organic revenue growth of at least 4 percent. The Street expects earnings of $8.14 per share on revenues of $93.31 billion for the year.

The Company also announced a 7 percent increase in its annualized dividend to $5.42 per share from $5.06 per share, effective with the dividend expected to be paid in June 2024. The company also plans to repurchase approximately $1 billion worth of shares.

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