PepsiCo (PEP) has reported mixed financial results for the fourth quarter of 2023 as demand for its snack foods and soft drinks weakened during the period.
The company, whose products include Lay’s potato chips and Mountain Dew pop, reported earnings per share (EPS) of $1.78 U.S. compared to $1.72 U.S. that was forecast on Wall Street.
Revenue for the final months of last year came in at $27.85 billion U.S. versus $28.40 billion U.S. that was expected among analysts. Sales declined 0.5% year-over-year in Q4.
Analysts were expecting a 1.4% sales increase in the October to December quarter.
The company also announced that it is raising its annual dividend to $5.42 U.S. a share from $5.06 U.S., an increase of 7%.
PepsiCo blamed the rare revenue miss on consumers responding to higher prices at the grocery store, saying that people are seeking out cheaper generic versions of its products.
The stock of PepsiCo has gained less than 1% (0.62%) in the last 12 months to trade at $173.85 U.S. per share.
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