Pepsi has 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 $28 billion.
That was better than the $26.8 billion Wall Street had forecast, according to analysts polled by FactSet.
Pepsi’s net income fell 60 per cent to $535 million, largely due to a $1.5 billion impairment charge for its SodaStream brand and other assets.
Here is an early look at our Pepsi Zero Sugar extended Super Bowl commercial. Was @BenStiller’s reaction #RealOrActing? 🤔 Let us know 👇 #Zoolander #RachelDratch #SuperBowlLVII @TheRealDratch pic.twitter.com/sB4JReEjn1
— Pepsi (@pepsi) February 8, 2023
Without one-time items, Pepsi earned $1.67 dollars per share in the October-December period, beating analysts’ forecast of $1.65.
Higher prices helped it navigate rising costs for fuel as well as commodities like cooking oil and potatoes, the company said on Thursday.
The New York firm expects to deliver organic revenue growth of 6 per cent this year, a slower pace from its full-year organic growth of 14.4 per cent in 2022.
It also plans $1 billion in share repurchases.
