PepsiCo Q4 earnings beat estimates as guidance falls short; board approves 10% dividend hike

PepsiCo Inc.
PEP,
+1.12%
said Thursday it had net income of $518 million, or 37 cents a share, in the fourth quarter, down from $1.322 billion, or 95 cents a share, in the year-earlier period. Adjusted for non-recurring items, the company had EPS of $1.67, ahead of the $1.65 FactSet consensus. Revenue rose to $27.996 billion from $25.248 billion a year ago, also ahead of the FactSet consensus of $26.828 billion. The company is now expecting 2023 adjusted EPS of $7.20, below the FactSet consensus of $7.27. The board approved a 10% increase in its annualized dividend to $5.06 a share from $4.60 previously. The stock was up 1.4% premarket, but has fallen 0.5% in the last 12 months through Wednesday’s close, while the S&P 500
SPX,
+0.20%
has fallen 10%.