The snack and beverage giant also topped Wall Street estimates for fourth-quarter revenue as the second round of lockdowns spurred demand for its products such as Tostitos, Cheetos and Gatorade that are more suited to at-home consumption.
The company, known for its Lay’s chips and Pepsi sodas, said it expects a mid-single digit rise in annual organic revenue and a high-single digit increase in adjusted earnings.
Rival Coca-Cola (NYSE:KO) too had forecast organic revenue to rebound this year.
Organic revenue from snacks under the company’s Frito-Lay North America unit rose 5% in the fourth quarter, while those of sodas and other beverage rose 5.5% in North America, its biggest market.
Net revenue rose 8.8% to $22.46 billion in the quarter ended Dec. 26, above market expectation of $21.8 billion, according to IBES data from Refinitiv.
The company also announced a 5% increase in its annual dividend to be paid in June.