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PepsiCo posted net revenues of $70.37 billion for 2020, rising 4.8 percent on-year.
For the fourth quarter ended Dec. 26, the company's net revenue rose 8.8 percent to $22.46 billion, surpassing a market expectation of $21.8 billion.
However, the company's 2020 operating profit of $10.08 billion represents a 2 percent decrease compared to last year’s $10.29 billion figure.
PepsiCo's Asia Pacific, Australia, New Zealand, and China enjoyed a 24 percent increase in its operating profit, accounted for in part by 18 percent growth in net revenue.
The company's Africa, Middle East, and South Asia unit's net revenue was up 25 percent, but its operating profit slumped 11 percent due to operating cost increases.
Meanwhile, PepsiCo Beverages North America recorded an 11 percent decrease in operating profit, due partly to an organic volume decrease of 1.5 percent.
According to PepsiCo Chairman and CEO, Ramon Laguarta, the company ended 2020 on a strong note with its global beverage business accelerating as its snacks and food business remained resilient in the fourth quarter.
Laguarta attributed its results to a diversified portfolio, agile supply chain and go-to-market systems, and strong marketplace execution, and highly dedicated employees.
PepsiCo Inc expects a mid-single-digit rise in annual organic revenue and a high-single-digit increase in adjusted earnings in 2021 if COVID-19 vaccinations roll out and bring back consumers return to pre-pandemic lifestyles as economies reopen.
Rival Coca-Cola also forecasts organic revenue to increase this year.
