Full-year reported earnings per share increased 4% to $3.91, core earnings per share increased 12% to $4.13 and core constant currency earnings per share grew 12%. For the quarter, reported EPS declined 6% to $0.85, core EPS grew 17% to $1.05, and core constant currency EPS grew 19%.
“We are pleased with PepsiCo’s performance in the fourth quarter and for the full year. The underlying performance of our businesses remained solid despite a challenging macroeconomic environment,” said PepsiCo chairman and CEO Indra Nooyi.
“We posted broad-based worldwide gains in both snacks and beverages, our businesses deftly balanced a delicate price-value consumer equation, and we aggressively managed costs and productivity to deliver top-tier financial results.”
Ms Nooyi continued: “Importantly, we are entering 2011 an even-stronger, more-capable organisation:
“We are encouraged by the momentum of our businesses as we enter 2011, and are mindful of three realities:
“Our earnings outlook reflects our considered perspective on the marketplace and the macroeconomic picture, and we are confident we have the operating capability, portfolio strength and financial flexibility to effectively compete in this environment.”
PepsiCo chief financial officer Hugh Johnston said: “In addition to our strong fundamental operating performance in 2010, our businesses also generated strong cash flow. The company generated $6.9 billion of management operating cash flow, excluding certain items, representing a 23% increase over 2009.
“We delivered more than $150 million in synergies from the bottler acquisitions in 2010, above our target for the year. The strong pace of synergy realisation and the identification of additional synergies have led us to increase our expectation for total synergies through 2012 to more than $550 million.”
Source: PepsiCo
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