Beverage Giant PepsiCo Misses On Q4 2023 Revenues, Shares Fall
PepsiCo, Inc.(NASDAQ:PEP) shares are trading lower on Friday in the premarket session following the fourth quarter and full-year 2023 results. The company reported fourth-quarter FY23 sales of $27.85 billion, missing the analyst consensus estimate of $28.40 billion. Sales declined 0.5% on a year-over-year basis. Operating profits at Quaker Foods North America and PepsiCo Beverages North America fell 79% and 27%, respectively, weighing on quarterly performance. The company reported adjusted EPS of $1.78 in the fourth quarter, beating the street view of $1.72. “Moving forward, we will further sharpen our focus on providing consumers great-tasting products that offer convenience and compelling value,” said Chairman and CEO Ramon Laguarta. Gross profit increased 1.2% year over year to $14.75 billion, while operating profit almost doubled on year to $1.68 billion. “We will also aggressively manage our costs to accelerate productivity, and invest more in our brands, innovation, channel expansion and pep+ transformation,” Laguarta added. As…
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