PepsiCo’s Quarterly Net Income Jumps 13% on Strong Snack Sales
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Snack and beverage giant PepsiCo Inc. reported a 13% jump in fourth-quarter profit Wednesday, as strong sales of snacks and noncarbonated drinks offset high fuel costs and continued sluggishness in the North American soda business.
Quarterly profit totaled $1.1 billion, or 65 cents a share, up from $985 million, or 58 cents, a year earlier. Revenue jumped 15% to $10.1 billion, helped by one extra selling week compared with last year.
PepsiCo’s earnings matched analysts’ forecast of 65 cents a share, according to Thomson Financial, while revenue topped the estimate of $9.6 billion.
For 2006, the company forecast earnings of at least $2.93 a share on mid-single-digit percentage revenue growth. The earnings outlook is in line with analysts’ estimates.
Shares of Purchase, N.Y.-based PepsiCo rose 42 cents Wednesday to $57.28.
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