Business

PepsiCo 4Q results top Wall Street’s expectations

Posted February 14, 2013 5:39 am

Associated Press

NEW YORK — PepsiCo says its fourth-quarter net income rose 17 percent on higher prices and strength in Latin America.

The drink and snack maker’s earnings and revenue beat analysts’ estimates.

The results mark the end of what CEO Indra Nooyi said would be a “transitional year,” with the company embarking on a cost-cutting program and stepping up investment in its flagship brands. PepsiCo’s brands include Frito-Lay, Gatorade and Quaker.

For the period that ended Dec. 29, PepsiCo Inc. earned $1.66 billion, or $1.06 per share. That’s compared with $1.42 billion, or 89 cents per share, a year ago.

Excluding a pension charge and other items, earnings were $1.09 per share, topping analyst estimates of $1.05.

Revenue dipped 1 percent to $20 billion. Analysts expected $19.8 billion.

PepsiCo is based in Purchase, N.Y.

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