PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks.
Revenue rose more than 10% to $28 billion. That was better than the $26.8 billion Wall Street had forecast, according to analysts polled by FactSet.
Pepsi’s net income fell 60% to $535 million, largely due to a $1.5 billion impairment charge for its SodaStream brand and other assets. Without one-time items, Pepsi earned $1.67 per share in the October-December period, beating analysts’ forecast of $1.65.
Higher prices helped it navigate rising costs for fuel as well as commodities like cooking oil and potatoes, the company said Thursday.
The Purchase, New York, company expects to deliver organic revenue growth of 6% this year, a slower pace from its full-year organic growth of 14.4% in 2022. It also plans $1 billion in share repurchases.