PepsiCo Posts Upbeat Revenue Boosted by Volume but Profit Declines
Feb, 15th 12:55
Shares of PepsiCo Inc. edged marginally higher on Wednesday after the company reported revenue and volume growth but profit fell compared with the same period last year.
For the three-month period ended December 31st, the company posted profit of $1.4 billion, or 97 cents a share, down from $1.72 billion, or $1.17 a share, a year earlier. Profit was reported to be weighed down by interest expenses and an income-tax provision. On an adjusted basis, earnings per share came in at $1.20, 4 cents above analyst forecasts.
Meanwhile, the multinational food, snack and beverage corporation said revenue jumped 5% to $19.52 billion, roughly in line with market expectations for 5% to $19.52 billion.
For 2017, PepsiCo expects earnings per share to reach $5.09 with organic revenue growth of at least 3%. Analysts had expected earnings per share of $5.16 for the year.
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