PURCHASE, N.Y. (AP) — PURCHASE, N.Y. (AP) — PepsiCo Inc. (PEP) on Friday reported fourth-quarter net income of $1.3 billion.

On a per-share basis, the Purchase, New York-based company said it had profit of 94 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, came to $1.78 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.72 per share.

The food and beverage company posted revenue of $27.85 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $28.24 billion.

PepsiCo expects full-year earnings to be $8.15 per share.

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