ICO yesterday posted a higher quarterly profit that met Wall Street expectations, helped by brisk sales in international markets such as India, while drinks volumes declined in North America.
The maker of Pepsi-Cola drinks and Frito-Lay snacks stood by its forecast for earnings growth of 11-13 per cent for the year, and said it still hopes to complete its $7.8bn (£5bn) acquisition of its two largest bottlers by the end of the month.
PepsiCo , the world’s second largest soft drink maker after Coca-Cola, earned $1.4bn, or 90 cents per share, in the fourth quarter, compared with $71m, or 46 cents per share, a year earlier. Revenue
rose 4.5 per cent to $13.3bn.
Across the company’s portfolio, the total volume of snacks sold rose one per cent, while beverage volume fell one per cent.
Volume fell five per cent in the North American beverage business and was flat in its Americas food unit, driven by a flat quarter at Frito-Lay North America, a two per cent decrease at Quaker Foods North America, and a flat performance in its Latin American food business.
Volume in its international division rose four per cent in snacks and three per cent in beverages.
In Europe, volume fell three per cent in snacks and was flat in beverages. In the unit covering Asia, Africa and the Middle East, snack volume soared 13 per cent and beverage volume rose five per cent, due in part to strong growth in India.
Indra Nooyi, chairman and chief executive of PepsiCo, said the firm would “refresh” its domestic and overseas brands by concentrating on healthier foods and drinks.
PepsiCo also owns Tropicana, Quaker and Gatorade.