PepsiCo posted its fourth quarter earnings that surpassed analysts’ expectations, on the back of higher prices.
The beverage behemoth’s adjusted earnings per share came in at $1.67, topping analysts’ expectations of $1.65.
Revenue was $28 billion vs. consensus forecast of $26.8 billion. The company's average prices surged +16%, while organic volume fell -2%.
For the full-year 2023, the company is expecting EPS of $7.20, vs. Street forecast of $7.28.
CEO Ramon Laguarta said he expected inflationary pressures to persist this year. “We plan to mitigate the impact of these pressures by accelerating our productivity initiatives and sharpening our revenue management capabilities,” he said.
The company also announced a 10% hike to its annual dividend,and plans to buyback $1 billion worth of shares in 2023.