Vending

PepsiCo reports mixed Q4, FY 2023 results

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February 9, 2024

PepsiCo Inc. reported mixed results for Q4 and FY 2023, with quarterly revenue revenue falling and full year revenue posting a gain, according to an earnings report.

Highlights include:

Revenue fell 0.5% from $27.9 billion in Q4 2022 to $27.85 billion for the year ending Dec. 30, 2023.
Net income rose from $518 million to $1.3 billion in the comparative quarters.
Net income per diluted common share rose from 37 cents to 94 cents.
Non-GAAP EPS was $1.78.
Frito-Lay North America revenue fell 3% from $7.7 billion to $7.47 billion.
Quaker Foods North America revenue fell 16% from $1.06 billion to $893 million.
PepsiCo Beverages North America revenue fell 2% from $8.1 billion to $7.9 billion.
Latin America revenue rose 18% from $3.37 billion to $3.96 billion.
Africa, Middle East and South Asia revenue fell 4% from $2.01 billion to $1.04 billion.
Asia Pacific, Australia, New Zealand and China revenue fell 2% from $1.48 billion to $1.45 billion.
Full-year revenue rose 5.9% from $86.4 billion to $91.47 billion.
Full-year net income rose from $8.98 billion to $9.07 billion.
Full-year net income per diluted common share rose from $6.42 to $6.56.
Full-year non-GAAP EPS was $7.62.

Shares traded today at $169 against a 52-week range of $155.83 to $196.88.

The $27.85 billion in quarterly net revenue missed the Zacks Consensus Estimate of $28.24 billion while the EPS of $1.78 beat the Zacks Consensus Estimate of $1.72, according to Zacks.com.

"We are pleased with our results for 2023 as we successfully navigated another year of elevated levels of inflation, macroeconomic volatility, geopolitical tensions and international conflicts," Chairman and CEO Ramon Laguarta said in the press release.

The company declared a $1.265 per share quarterly dividend, payable April 1, for shareholders of record March 1.

For 2024, the company expects to deliver at least 4% organic revenue growth and at least 8% core constant currency EPS growth.