From CNBC:

PepsiCo’s quarterly results were mixed, with North American demand for food and drinks weakening, causing shares to fall more than 2% in premarket trading. The company reported earnings per share of $1.78 adjusted, compared to the expected $1.72, and revenue of $27.85 billion, lower than the anticipated $28.4 billion.

Pepsi’s fourth-quarter net income rose to $1.3 billion, with net sales dropping less than 1% to $27.85 billion. Organic revenue rose 4.5%, driven by higher prices, but raised prices hurt demand for the company’s products. The North American Quaker Foods division and Frito-Lay North America both reported declines in volume, while the North American beverage unit saw a 6% decrease.

Pepsi now expects organic revenue to rise at least 4% in 2024, with core constant currency earnings per share climbing at least 8%. The company is predicting a weaker first half of the year due to product recalls and international conflicts. Executives are expecting international organic revenue growth to surpass that of North America for the full year.



Read more: PepsiCo (PEP) Q4 2023 earnings