PepsiCo (PEP) Q4 earnings 2022
Pepsi carbonated drinks are displayed on the shelves at a Walmart on December 6, 2022 in Austin, Texas. According to a news report in The Wall Street Journal, PepsiCo, the maker of Pepsi sodas, plans to cut hundreds of corporate jobs in its North American division.
Brandon Bell | Getty Images
PepsiCo on Thursday reported quarterly earnings and earnings that beat analysts’ expectations, helped by higher prices for snacks and beverages.
The company’s shares rose more than 1% in premarket trading.
Here’s what the company said compared to what Wall Street expected, based on a survey of analysts at Refinitiv:
- Earnings per share: $1.67 adjusted vs. $1.65 expected.
- Revenue: $28 billion vs. $26.84 billion expected
The food and beverage giant reported fourth-quarter net income of $518 million, or 37 cents a share, up from $1.32 billion, or 95 cents a share, a year earlier.
Excluding juice revenue, write-offs in Russia and other items, Pepsi earned $1.67 per share.
Net sales rose 10.9% to $28 billion. The company’s organic revenue, excluding the impact of acquisitions and divestments, rose 14.6% for the quarter.
But Pepsi saw a 2% drop in food sales globally as rising prices hurt consumer demand.
Looking forward to 2023, Pepsi forecasts a 6% increase in organic revenue and an 8% increase in core permanent currency earnings per share. Wall Street expects net sales growth of 3.5% and earnings per share growth of 7.3%.
Read completely PepsiCo profit report here.
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