PepsiCo (PEP) - Get PepsiCo, Inc. Report notched some impressive wins during the fourth quarter, but initial profit guidance for 2017 may leave some bulls thirsty for more. 

The soda and snacks giant reported fourth-quarter adjusted earnings of $1.20 a share on Wednesday, solidly beating analysts' forecasts of $1.16. Total revenue came in at $19.51 billion, relatively in line with consensus. The North America Beverages segment saw operating profit, excluding the negative impact of currency, rise 13% on a 2% increase in revenue. Frito-Lay's profit rose 10% on that same basis, with organic revenue gaining 3%. 

For Pepsi, the results stick out in light of choppy industry demand and the crippling effect of volatile currencies around the globe.

"We expect lackluster results for the fourth quarter and 2017 guidance from soft drink companies, with our estimates broadly below consensus given choppy demand backdrop, foreign exchange volatility and fading commodity tailwind," said Goldman Sachs analysts ahead of PepsiCo's results. 

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PepsiCo did deliver in line with Goldman's thinking on 2017 guidance, however. The company forecast earnings of $5.09 a share, below Wall Street estimates for $5.15.

"We are confident we have the right plans in place, are executing well against those plans, and have set appropriate targets for 2017," the company said.

Shares of PepsiCo advanced slightly in premarket trading.

The company hiked its annualized dividend by 7% to $3.22 a share. 

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