Pepsi profit rises on Gatorade strength

PepsiCo Inc. on Thursday said quarterly profit rose on a strong performance from its Gatorade sports drink and diet soft drinks.

Purchase, New York-based Pepsi said it earned $897 million, or 51 cents a share, in the fourth quarter, compared with $689 million, or 39 cents a share, a year earlier.

Revenue rose to $8.07 billion from $7.38 billion.

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Analysts were expecting the company to earn between 50 cents and 52 cents a share, with a mean estimate of 51 cents a share, according to Reuters Research, a unit of Reuters Group Plc.

The volume of Pepsi products sold rose 6 percent in the fourth quarter.

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The company reiterated its 2004 earnings per share forecast of $2.24 to $2.28.

Shares of PepsiCo closed down 5 cents at $47.60 on Wednesday on the New York Stock Exchange.