PepsiCo Inc. (NASDAQ: PEP) topped analysts’ expectations for revenue and earnings in the fourth quarter of 2019. Shares were up slightly in premarket hours on Thursday.
Total revenue of $20.6 billion was up 5.7% from the same period last year and ahead of consensus estimates of $20.2 billion. On an organic basis, revenues grew 4.3%.
On a GAAP basis, net income was $1.76 billion, or $1.26 per share, compared to $6.8 billion, or $4.83 per share, in the prior year period. Last quarter’s results included a one-time benefit from income taxes of $4.9 billion. Core EPS was $1.45, slightly above forecasts of $1.44.
During the quarter, the company saw revenue increases across all its segments and geographies both on a reported and organic basis, with the exception of the Quaker Foods North America division where revenues remained flat.
For fiscal year 2020, organic revenue growth is expected to be 4%. Core constant currency EPS is expected to increase by 7%. Core EPS is estimated to increase by 6% to $5.88.
PepsiCo declared a 7% increase in its annualized dividend to $4.09 per share, effective with the dividend expected to be paid in June 2020.
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