On Friday, US beverage and food company PepsiCo Inc. (NASDAQ: PEP) announced the latest financial results before the market opened.

The New York based company reported revenue of $27.85 billion for Q4 2023, falling short of Wall Street analyst estimate of $28.4 billion. Revenue was down from $27.996 billion from the same period in 2022.

Earnings per share (EPS) reached $1.78 (up by 6.5% year-over-year) vs. $1.722 per share expected.

PepsiCo achieved full year revenue of $91.471 billion. Full year EPS reached $7.62 per share.

The company also announced a quarterly dividend of $1.265 per share.

Company overview

• Founded: 1898
• Headquarters: Donald M. Kendall Sculpture Gardens, Harrison, New York, U.S.
• Number of employees: 315,000 (2022)
• Industry: Beverages, Food processing
• Key people: Ramon Laguarta (Chairman & CEO), Hugh Johnston (Vice Chairman & CFO)

CEO commentary

“We are pleased with our results for 2023 as we successfully navigated another year of elevated levels of inflation, macroeconomic volatility, geopolitical tensions and international conflicts. Our results demonstrate that the investments we have made to strengthen our business and advance our pep+ agenda are working: it’s evident in how we are innovating, operating, empowering our teams, building our brands, and competing in the marketplace,” CEO of PepsiCo, Ramon Laguarta said in a statement to investors.

Stock reaction

The stock was down by 2.80% during Friday’s session, trading at $168.99 a share.

Stock performance

• 5 day: -1.37%
• 1 month: +0.81%
• 3 months: +1.02%
• Year-to-date: -0.71%
• 1 year: -4.30%

PepsiCo stock price targets

• Wedbush: $195
• Barclays: $179
• JP Morgan Chase & Co.: $176
• Jefferies Financial Group: $203
• DZ Bank: $187
• Wells Fargo & Company: $172
• Morgan Stanley: $190
• Argus: $186
• Royal Bank of Canada: $180
• Citigroup: $180
• Evercore ISI: $185
• Deutsche Bank: $195
• UBS Group: $205
• Credit Suisse Group: $182

PepsiCo Inc. is the 47th largest company in the world with a market cap of $231.86 billion, according to CompaniesMarketCap.

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Sources: PepsiCo Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap