PepsiCo reports 2022 “another strong year of growth”

The beverage and snack company posted a rise in net sales of 10.9% to USD 28 bn in the fourth quarter, with organic revenue growth of 14.6%.

The full year operating profit was USD 11.512 bn and the net income USD 8.9 bn. The net income for the fourth quarter came in at USD 518 m, down from USD 1.32 bn in the same period the prior year. According to the press release, PepsiCo was negatively hit by impairment charges related to some of its brands, including Pioneer Foods, SodaStream and Be & Cheery.

Frito-Lay North America recorded the steepest increase in Q4 net revenue of 25 % to USD 7.7 bn, while the Quaker Foods North America unit reported a net revenue increase of 16% to 1.06 bn. The business area Europe posted a decrease for Q4 net revenue to USD 4.26 bn, from USD 4.35 bn in the same period the prior year. Net revenue for the full year 2022 fell from USD 13.04 bn to USD 12.7 bn. Europe saw also a significant decrease in operating profit, reflecting impairment charges related to the SodaStream brand, as well as higher commodity costs, primarily packaging materials, cooking oil and potatoes, and certain operating cost increases.

Ramon Laguarta, CEO of PepsiCo Inc., said: “Our results demonstrate that the investments we have made in our people, brands, portfolio, value chain and go-to-market systems are working. Moving forward, we will continue to focus on driving growth and winning in the marketplace while developing advantaged capabilities to fortify our businesses for the long term.”