PepsiCo Inc. (NASDAQ: PEP) reported its most recent quarterly results before the markets opened on Friday. The company posted $1.49 in earnings per share (EPS) and $19.52 billion in revenue, which compared with consensus estimates of $1.49 in EPS on revenue of $19.53 billion. The fourth-quarter financial results from last year were EPS of $1.31 in EPS and $19.53 billion in revenue.
During the most recent quarter, Pepsi’s Frito-Lay snack business delivered 4% organic revenue growth in North America. The company noted that it is continuing to add more nutritious snacking options, like Off the Eaten Path and Sunchips.
The North American beverage business also posted decent growth in the quarter. Pepsi’s beverage comeback continued into this quarter, with the unit posting 2% growth.
Looking ahead to 2019, the firm expects to see organic revenue growth of roughly 4%, with EPS declining roughly 1%. Consensus estimates call for $5.87 in EPS and $66.58 billion in revenue for the year.
Ramon Laguarta, PepsiCo’s board chair and chief executive, commented:
We are pleased with our results for the fourth quarter and the full year 2018. For the year we met or exceeded each of the financial objectives we set out at the beginning of the year. Frito-Lay North America and each of our international sectors performed very well, and our North America Beverages sector made progress throughout the year. While adverse foreign exchange translation negatively impacted reported net revenue performance, our underlying organic revenue growth accelerated in the second half, and we ended the year with 4.6% organic revenue growth in the fourth quarter. Furthermore, we are excited about the outlook for our business. We are well positioned in large, growing categories and have developed strong and relevant capabilities over the years. In 2019, we aim to capitalize on the momentum we have as we enter the year, and to continue to invest in the capabilities that will better position us for success for years to come.
Shares of Pepsi were last seen up more than 2% at $115.55 on Friday, in a 52-week range of $95.94 to $122.00. The consensus price target is $115.05.