PepsiCo (NASDAQ: PEP) on Tuesday reported fourth-quarter earnings and revenue that topped analysts' expectations, despite the pressure that retailers and changing consumer tastes have put on its core beverage business.
Earnings Per Share came in at $1.31 per share, adjusted, vs. $1.30 projected by experts, while revenue was posted at $19.53 billion, vs. $19.39 billion projected.
Said CEO Indra Nooyi, "We are pleased with our performance for the fourth quarter and full year 2017.
"We met or exceeded most of the financial goals we set out at the beginning of the year. We delivered these results in the midst of a dynamic retail environment and rapidly shifting consumer landscape."
PepsiCo recorded a net loss of $710 million, or 50 cents per share, compared with earnings of $1.40 billion, or 97 cents per share, in the year-earlier period.
Earnings in the latest period were hurt by a $2.5-billion one-time charge related to new U.S. tax laws. Excluding this and other one-time items, the company earned $1.31 per share, edging past analysts' estimates of $1.30.
For the quarter, Pepsi's net revenue of $19.53 billion was flat when compared with the year-ago period. Organic revenue, which excludes the impacts of foreign exchange and other changes, grew by 2.3%.
Pepsi also said it expects full-year organic revenue growth to be at least in line with the 2017 growth rate. It anticipates core earnings per share of $5.70, a 9% increase over 2017.
Shares in PEP docked 78 cents to $111.15, just out of the gate Tuesday.
