PepsiCo puts up better-than-expected as the company pivots

Associated Press |

PURCHASE, N.Y. (AP) _ PepsiCo Inc. (PEP) on Tuesday reported a fourth-quarter loss of $710 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Purchase, New York-based company said it had a loss of 50 cents. Earnings, adjusted for one-time gains and costs, came to $1.31 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.

The food and beverage company posted revenue of $19.53 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $19.44 billion.

PepsiCo expects full-year earnings to be $5.70 per share.

PepsiCo shares have dropped nearly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped roughly 1 percent. The stock has risen 5.5 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEP at https://www.zacks.com/ap/PEP

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