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### PEPSI’S FOURTH-QUARTER PERFORMANCE

#### Earnings per Share and Revenue Miss Expectations

The fourth-quarter financial results of Pepsi have fallen short of Wall Street’s expectations. The company reported adjusted earnings per share of $1.78, missing the expected $1.72. Similarly, Pepsi’s quarterly revenue stood at $27.85 billion, below the anticipated $28.4 billion based on analysts’ survey by Refinitiv.

#### Financial Details

Pepsi’s net income for the fourth quarter was $1.3 billion, or 94 cents per share, representing a significant increase from the previous year’s $518 million, or 37 cents per share. Excluding certain items, the company’s earnings per share were $1.78. However, net sales dropped 0.5% to $27.85 billion, marking the first quarterly revenue decline since 2020. The decline was partly attributed to a 1.5% decrease caused by currency exchange rates.

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#### Pepsi’s Operational Challenges

The company faced challenges as increased prices, aimed to boost revenue, adversely affected consumer demand for its products. Consequently, Pepsi experienced a decline in volume for its food and beverage offerings, with organic revenue rising by 4.5% while volume decreased due to pricing and currency changes.

#### Segment-Specific Performance

Pepsi’s North American divisions, including Quaker Foods and Frito-Lay, reported volume declines of 8% and 2%, respectively, impacting their overall sales. Additionally, the North American beverage unit witnessed a 6% volume reduction, further compounding Pepsi’s operational difficulties.

#### Outlook and Future Projections

Looking ahead, Pepsi anticipates organic revenue growth of at least 4% and core constant currency earnings per share growth of at least 8% in 2024. The company expects a weaker first half of the year due to product recalls in its North American Quaker Oats business and geopolitical conflicts affecting international sales.

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