PepsiCo Inc.'s 2021 fourth-quarter revenue came in at $25.25 billion, a 12.4% increase over revenue for the same quarter in 2022. For the the full-year, the beverage and snack giant's revenue was $79.5 billion, or 12.9% higher than revenue in 2020.
PepsiCo reported fourth-quarter profit of $1.32 billion. On a per-share basis, the Purchase, NY-based firm reported net income of $0.95. Earnings adjusted for both non-recurring and restructuring costs were $1.53 a share.
For 2022, PepsiCo expects to deliver 6% organic revenue growth, which is at the high-end of its long-term target range and implies a strong acceleration in organic revenue growth on a two-year basis. Additionally, the company expects to deliver 8% core constant currency earnings per share growth.
Fourth-quarter divisional results
Frito-Lay North America's operating profit increased 10%, primarily reflecting net revenue growth and productivity savings. These impacts were partially offset by certain operating cost increases, including strategic initiatives and incremental transportation costs, an 8-percentage-point impact of higher commodity costs, primarily cooking oil and packaging material, and higher advertising and marketing expenses. Additionally, lower restructuring and impairment charges contributed 5 percentage points to operating profit growth.
Quaker Foods North America's operating profit grew 8%, primarily reflecting effective net pricing and productivity savings, partially offset by certain operating cost increases, including incremental transportation costs, a 14-percentage-point impact of higher commodity costs and higher advertising and marketing expenses.
PepsiCo Beverages North America's operating profit decreased 10%, primarily reflecting certain operating cost increases, including incremental transportation costs, a 37-percentage-point impact of higher commodity costs and higher advertising and marketing expenses. These impacts were partially offset by net revenue growth and productivity savings.
