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PepsiCo profit beats Street; 2013 in line with goals

Cases of Pepsi are displayed for sale in Carlsbad, California February 7, 2012. REUTERS/Mike Blake
Cases of Pepsi are displayed for sale in Carlsbad, California February 7, 2012. REUTERS/Mike Blake

(Reuters) - PepsiCo Inc reported a higher-than-expected fourth-quarter profit on Thursday, helped by increases in sales volume and prices, and gave a 2013 forecast consistent with its ongoing turnaround plan.

The maker of Gatorade sports drinks and Quaker oatmeal forecast 2013 earnings, excluding any impact from currency, to grow 7 percent from the $4.10 per share it earned in 2012, a "transition year" in which profit fell 5 percent.

In the just-ended fourth quarter, net income was $1.66 billion, or $1.06 per share, up from $1.42 billion, or 89 cents per share, a year earlier.

Excluding special items, earnings were $1.09 per share. Analysts on average were expecting $1.05 per share, according to Thomson Reuters I/B/E/S.

Net revenue fell 1 percent to $19.95 billion. Excluding the effect of items including selling some businesses, an extra selling week in 2011 and currency exchange rates, revenue increased 5 percent.

(Reporting by Martinne Geller in New York; Editing by Lisa Von Ahn and Maureen Bavdek)

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