More good news from the fourth quarter! Yesterday, PepsiCo (PEP) exceeded Wall Street’s earnings expectations and told investors it is planning for growth in 2021. Pepsi proved the haters wrong by announcing net income of $1.85b ($1.33 per share) compared to the prior year’s net income of $1.77b ($1.26 per share). Total revenues were up an impressive 8.8%.
The food and beverage giant enjoyed a boost in sales thanks to hungry, thirsty, and bored consumers stuck at home due to COVID-19 lockdowns.
CEO and Chairman Ramon Laguarta had nothing but good things to say, telling investors “we ended the year on a strong note with our global beverage business having accelerated while our global snacks and food business remained resilient in the fourth quarter.”