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PepsiCo 4th-quarter profit falls

NEW YORK
Thu Feb 7, 2008 8:04am EST

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A Pepsi truck is seen in an undated file photo. PepsiCo Inc reported lower quarterly profit on Thursday, hurt by a higher tax rate and a decline in sales volume of carbonated soft drinks. REUTERS/Handout

NEW YORK (Reuters) - PepsiCo Inc (PEP.N) reported lower quarterly profit on Thursday, hurt by a higher tax rate and a decline in sales volume of carbonated soft drinks.

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The company, which makes Pepsi Cola, Frito Lay snacks and Quaker oatmeal, said net income for the fourth quarter ended on December 29 was $1.26 billion, or 77 cents per share, compared with $1.83 billion, or $1.09 per share, a year earlier.

Excluding restructuring charges and tax items, the company earned 80 cents per share.

Last month Pepsi Bottling Group Inc (PBG.N), the world's largest bottler of Pepsi drinks, reported flat sales volume in the United States and weaker sales of refrigerated drinks, sold at convenience stores and gas stations.

One analyst said those results implied economic weakness rather than shorter-term issues such as weather.

(Reporting by Martinne Geller; Editing by Derek Caney)
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