PEP PepsiCo Inc

By Dave Sebastian

PepsiCo Inc. posted higher revenue for the fourth quarter, though profit fell as it booked a benefit from income taxes in the prior year.

The food-and-beverage company said revenue rose 5.7% to $20.64 billion for the quarter ended Dec. 28, 2019, from the prior year. Analysts polled by FactSet were looking for $20.25 billion.

The company's organic revenue grew 4.3% for the latest period and said it anticipates the metric, which strips out the effect of currency swings and acquisitions, to grow 4% in 2020.

Net income fell to $1.77 billion, or $1.26 a share, from $6.85 billion, or $4.83 a share, in the comparable quarter last year. The company booked $4.93 billion in income-tax benefit in the same period last year.

Adjusted earnings were $1.45 a share, ahead of the $1.44 a share analysts were looking for.

The company expects adjusted per-share earnings to grow 7% in 2020.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

February 13, 2020 06:45 ET (11:45 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.