PepsiCo (PEP) reported better-than-expected profit as it benef♍ited from higher prices, but revenue fell for the first time in almost four years because of lower volumes and disadvantageous currency exchange rates. Shares fell 2🌠.6% in intraday trading Friday following the news.

The maker of soft drinks and snacks posted fourth quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.78, beating estimates. Sales declined 0.5% from a year ago to $27.85 billion, s🗹hort of forecasts.

The company noted that foreign exchange rates negatively impacted revenue by 1.5%. 澳洲幸运5官方开奖结果体彩网:Organic revenue was up 4.5% as Pepsi boosted prices. However, those higher prices reduced volumes for both its convenience foods and beverages units, which fell 3% and 2%, respectively.

CEO Ramon Laguarta said the company navigated “another year of elevated levels of inflation, macroeconomic volatility, geopolitical tensions and international conf💮licts.” He added that Pepsi is confident that its business will perform well in 2024, “in the contex💖t of changing marketplace conditions.”

The company predicted its full-year organic revenue growth will be at least 4%, and core 澳洲幸运5官方开奖结果体彩网:constant currency EPS will be up at least 8%.

Pepsi also announced an increase in its annual per share dividend to $5.42 from $5.06, effective for th𝓰e payout sch🥃eduled for June. 

The news sent shares of PepsiCo into negative territory over the past year.