PepsiCo: Reports Q4 and Full-Year 2023 Results

Purchase / NY. (pci) PepsiCo Inc. reported results for the fourth quarter and full year 2023. «We are pleased with our results for 2023 as we successfully navigated another year of elevated levels of inflation, macroeconomic volatility, geopolitical tensions and international conflicts. Our results demonstrate that the investments we have made to strengthen our business and advance our pep+ agenda are working: it’s evident in how we are innovating, operating, empowering our teams, building our brands, and competing in the marketplace,» said Chairman and CEO Ramon Laguarta. «We are confident that our businesses will perform well in 2024 in the context of changing marketplace conditions. Category growth rates are normalizing as consumer behaviors largely revert to pre-pandemic norms and net revenue realization moderates as inflationary pressures are expected to abate. Moving forward, we will further sharpen our focus on providing consumers great-tasting products that offer convenience and compelling value. We will also aggressively manage our costs to accelerate productivity, and invest more in our brands, innovation, channel expansion and pep+ transformation. For 2024, we now expect to deliver at least 4 percent organic revenue growth and at least 8 percent core constant currency EPS growth. We also announced a 7 percent increase in our annualized dividend, starting with our June 2024 payment, which represents our 52nd consecutive annual increase, and we plan to repurchase approximately USD 1 billion worth of shares.»

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