BackStrong sales overseas boost PepsiCo profit
Strong sales overseas boost PepsiCo profit
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Chicago: PepsiCo Inc. posted a higher quarterly profit that met Wall Street expectations, helped by brisk sales in international markets such as India, while drinks volumes declined in North America.
The maker of Pepsi-Cola drinks and Frito-Lay snacks stood by its forecast for earnings growth of 11-13% for the year, and said it still hopes to complete its $7.8 billion (Rs36,270 crore) acquisition of its two largest bottlers by the end of the month.
Coca-Cola Co. also cited strong demand in emerging markets such as China and India when it reported higher- -than-expected quarterly sales earlier this week.
PepsiCo, the world’s second largest soft drink maker after Coca-Cola, earned $1.43 billion, or 90 cents per share, in the fourth quarter, compared with $719 million, or 46 cents per share, a year earlier.
Profit rose to $1.42 billion, excluding items such as restructuring and merger costs, from $1.39 billion. Revenue rose 4.5% to $13.3 billion.
PepsiCo, which also owns Tropicana, Quaker and Gatorade, stood by its 2010 forecast for earnings growth of 11%-13%, excluding one-time items.
Shares of PepsiCo rose 1.4% to $61.23 in early trading.
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