PepsiCo increased its net profit by 2.5 times in the fourth quarter
Source: interfax.kz
PepsiCo Inc., the world's second-largest producer of non-alcoholic beverages, reported a 2.5-fold increase in its net profit in the fourth quarter of 2023, despite a slight decrease in revenue.
According to the company, the net profit in the past quarter amounted to $1.3 billion, or $0.94 per share, compared to $518 million, or $0.37 per share, for the same period the previous year. These figures include one-time write-offs of intangible assets related to the Soda Stream brand owned by PepsiCo.
Profit excluding one-time factors was $1.78 per share, surpassing the consensus forecast of surveyed analysts. PepsiCo's revenue decreased to $27.85 billion from $27.996 billion the previous year. Experts had expected revenue to be at $28.4 billion.
Revenue from the North American Frito-Lay division decreased by 3%, and the North American beverage division decreased by 2%. Sales of the Quaker Foods brand decreased by 16% due to the recall of certain products.
The company's revenue in Latin America increased by 18%, decreased by 1% in Europe, and decreased by 2% in the Asia-Pacific region.
According to PepsiCo's forecast, its adjusted profit in 2024 will be at least $8.15 per share, which is 7% higher than the 2023 figure.
PepsiCo shares are down 2.2% in pre-market trading on Friday and have decreased by 1.3% over the last 12 months.
Profit excluding one-time factors was $1.78 per share, surpassing the consensus forecast of surveyed analysts. PepsiCo's revenue decreased to $27.85 billion from $27.996 billion the previous year. Experts had expected revenue to be at $28.4 billion.
Revenue from the North American Frito-Lay division decreased by 3%, and the North American beverage division decreased by 2%. Sales of the Quaker Foods brand decreased by 16% due to the recall of certain products.
The company's revenue in Latin America increased by 18%, decreased by 1% in Europe, and decreased by 2% in the Asia-Pacific region.
According to PepsiCo's forecast, its adjusted profit in 2024 will be at least $8.15 per share, which is 7% higher than the 2023 figure.
PepsiCo shares are down 2.2% in pre-market trading on Friday and have decreased by 1.3% over the last 12 months.
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