PepsiCo has reported a 9% drop in full-year net earnings, due to write-down charges in the fourth quarter.
PepsiCo said today (13 February) that reported net profit for the 12 months to 27 December fell by 9% to US$5.1bn. Profit in the fourth quarter tumbled 43% to $1.2bn.
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The soft drinks giant blamed the fall on one-off charges related to its restructuring programme, as well as charges incurred by The Pepsi Bottling Group and commodity costs.
Underlying net income, the group said, rose by 5% for the year, in-line with the company’s guidance.
PepsiCo’s full-year sales rose by 10% to $43.25bn, although the rate of growth slowed to 3% in the fourth quarter.
Indra Nooyi, PepsiCo chairwoman and CEO, said the firm had delivered “solid” results in an “extremely difficult year”. She said that 2009 would remain challenging.
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By GlobalDataPepsiCo announced in October that it planned to cut 3,300 jobs worldwide, as part of a “productivity programme” designed to yield pre-tax savings of $1.2bn over the next three years.
The group reiterated today that it expects to realise of $350m-$400m of the savings in 2009.
