Food and Beverage
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PepsiCo'sPEP fourth-quarter earnings tumbled 31% from a year earlier, when results were lifted by a big tax gain, but the food and beverage company showed solid revenue growth that topped expectations. Shares of Pepsi recently were up $2.61, or 3.9%, to $69.34. The company's fourth-quarter net income fell to $1.26 billion, or 77 cents a share, from $1.83 billion, or $1.09 a share, a year earlier. The prior-year results were boosted by a 37-cent-a-share tax gain. Excluding restructuring charges and a tax-related benefit, earnings for the latest quarter were 80 cents a share, a penny above Thomson Financial's average analyst estimate. Earnings on a comparable basis a year earlier were 74 cents a share. Revenue jumped to $12.35 billion from $10.57 billion the prior year, exceeding Wall Street's forecast of $11.56 billion. Volume in the company's snack business grew 6%, while its beverage business saw 4% volume growth. PepsiCo International -- Pepsi's largest segment by revenue -- led volume growth, with 9% snack growth and 8% beverage growth. The company's Frito-Lay North America division recorded 3% volume growth, driven by strong momentum in Doritos and the Smart Spot products. Volume in PepsiCo's North American beverages segment was flat compared with the prior year. Pepsi said it expects 2008 performance to be consistent with its long-term targets, with 3% to 5% volume growth and mid-to-high single-digit revenue growth. Pepsi forecast 2008 earnings of at least $3.72 a share, compared with analysts' average projection of $3.74.
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