PepsiCo, Inc. (NASDAQ: PEP) announced financial results for the fourth quarter of 2017. Shares of the company were down after the announcement.
According to PepsiCo, revenue for the fourth quarter was $19.53 billion, which was flat compared with the result for the same period last year. The revenue beat analysts’ estimates of $19.39 billion for the fourth quarter. In addition, organic revenue increased 2.3%, excluding the impacts foreign exchange and other changes.
For the fourth quarter, the company reported a net loss of $710 million, or $0.50 per share. For the same period last year, the company earned $1.40 billion, or $0.97 per share. Earnings for the quarter was negatively impacted by a $2.5 billion one-time charge related to new U.S. tax laws. Adjusted earnings per share was $1.31, beating expectation of $1.30 per share.
“We are pleased with our performance for the fourth quarter and full year 2017. We met or exceeded most of the financial goals we set out at the beginning of the year. We delivered these results in the midst of a dynamic retail environment and rapidly shifting consumer landscape,” Indra Nooyi, the Chairman and CEO of the company, said in the statement on Tuesday.
“As a reflection of our confidence in the growth prospects for our business, we expect to deliver 9 percent growth in core constant currency earnings per share in 2018 and we announced today a 15 percent increase in our annualized dividend per share beginning with the June 2018 payment, representing our 46th consecutive annual increase,” she continued.