PepsiCo earnings beat expectations as price hikes boost snack and beverage sales

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PepsiCo saw volume fall 2% across its food business as price hikes hurt consumer demand.

The food and beverage giant's price hikes to mitigate inflation buoyed sales for snacks and drink, but the strategy has also hurt demand.

Looking to 2023, Pepsi is projecting a 6% increase in organic revenue and 8% growth in its core constant currency earnings per share.Pepsi sodas are displayed on shelves at a Walmart Supercenter on December 06, 2022 in Austin, Texas. PepsiCo, the maker of Pepsi soda, plans to cut hundreds of corporate jobs at its North American division according to a news report from The Wall Street Journal.

The food and beverage giant reported fourth-quarter net income of $518 million, or 37 cents per share, down from $1.32 billion, or 95 cents per share, a year earlier. Excluding gains from selling its juice business, write-downs of its Russian assets and other items, Pepsi earned $1.67 per share. Net sales rose 10.9% to $28 billion. The company's organic revenue, which strips out the impact of acquisitions and divestitures, climbed 14.6% in the quarter.Looking to 2023, Pepsi is projecting a 6% increase in organic revenue and 8% growth in its core constant currency earnings per share. Wall Street is anticipating net sales growth of 3.5% and earnings per share growth of 7.3%.

 

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