Currency headwinds impact PepsiAmericas income
February 12, 2010
MINNEAPOLIS, MINN. — Net income at PepsiAmericas fell 20% in fiscal 2009, dragged down by foreign currency movements.
For the year, the company had income of $181.2 million, equal to $1.49 per share on the common stock, which compared with income of $226.4 million, or $1.81 per share, during fiscal 2008. Sales for the year were $4,421.3 million, down 10% from $4,937.2 million during the previous year.
“We began 2009 with a pragmatic view of the challenges and took actions to help mitigate the impacts,” said Robert C. Pohlad, chief executive officer. “Importantly, we also continued to invest in capability and capacity to strengthen our position across our markets. We maintained good focus on working capital management to deliver cash flow of over $240 million, ahead of our expectations. Our full-year results were impacted by significant headwinds as well as global top-line pressures that accelerated in the fourth quarter. To help offset these challenges, global productivity efforts drove over $40 million in cost savings while improving our operational and selling capabilities.”
For the fourth quarter the company posted income of $34.6 million, or 29c per share, down 8% from $37.8 million, or 30c per share. Sales in the fourth quarter were $968.3 million, down 17% from $1,170.2 million during the same quarter of the previous year.