Shares of PepsiCo Inc. PEP, -0.05% rose 1.4% in premarket trading Thursday, after the beverage and snacks giant reported fourth-quarter profit and revenue that topped expectations, boosted its dividend and set a new $10 billion stock repurchase program. Net income fell to $1.32 billion, or 95 cents a share, from $1.85 billion, or $1.33 a share, in the year-ago period. Excluding nonrecurring items, core earnings per share of $1.53 beat the FactSet consensus of $1.52. Revenue grew 12.4% to $25.25 billion, above the FactSet consensus of $24.24 billion, as Frito-Lay North America revenue rose 13%, Quaker Foods North America increased 9% and PepsiCo Beverages North America revenue grew 13%. For 2022, the company expects core EPS growth of 8%, while the FactSet EPS consensus of $6.73 implies 7.5% growth. The company raised its annual dividend to $4.60 a share from $4.30, with the dividend expected to be paid in June 2022. The company also announced a new $10 billion stock repurchase program through February 2026. The stock has gained 4.8% over the past three months while the S&P 500 SPX, +1.45% has slipped 1.35.
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