On Thursday PepsiCo reported fourth-quarter earnings that topped estimates, fueled by pandemic snacking and higher sales of drinks like Gatorade Zero and Bubly sparkling water. On the heels of the strong quarter, the Frito-Lay owner said that it expects its 2021 results to meet long-term financial targets.
Shares of the company fell less than 1% in premarket trading. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Earnings per share: $1.47, adjusted, vs. $1.46 expected. Revenue: $22.46 billion vs. $21.78 billion expected.
The company reported fiscal fourth-quarter net income of $1.85 billion, or $1.33 per share, up from $1.77 billion, or $1.26 per share, a year earlier. Excluding items, Pepsi earned $1.47 per share, beating the $1.46 per share expected by analysts surveyed by Refinitiv. Net sales rose 8.8% to $22.46 billion, topping expectations of $21.78 billion.
In 2021, Pepsi is anticipating mid-single digit growth in organic revenue and high-single digit growth in core earnings per share, which assumes constant foreign currency exchange rates. The company is also hiking its dividend by 5%, starting in June.