met analysts' fourth-quarter earnings estimates, while revenue rose for the period, and the snack food and cola producer forecast double-digit growth for 2002. But the outlook didn't seem to be enough for investors, as shares of Pepsi traded down $2.23, or 4.4%, to $48.58.
The company earned 42 cents in the quarter, matching the consensus estimate carried by First Call. When calculated by generally accepted accounting principles, earnings fell to 37 cents a share from 39 cents in the year-ago quarter.
Worldwide snack volume rose 5% for the quarter, and beverage servings grew 3%. Total revenue rose to $7.99 billion from $7.87 billion.
Pepsi expects 13% to 14% earnings growth in 2002, which would equate to $1.93 to $1.96 a share. The company projected the same earnings per share growth range for the first quarter.
Separately, the company said Roger Enrico still plans to retire as vice chairman in March, but he will remain a director until May 2003. Robert Morrison will stay in his role as vice chairman until at least February 2003.
Additionally, Charles Maniscalco will succeed Susan D. Wellington, who is taking a leave of absence, as president of Pepsi's U.S. beverages division. David Andrews will become senior vice president and general counsel, replacing Robert Sharpe, who plans to join a private equity firm.