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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Earnings Report

Associated Press

PepsiCo Inc.’s earnings tumbled 65 percent in the fourth quarter due to its adoption of a required accounting change, but the food and beverage concern said Tuesday its profits from operations rose 9 percent.

The soft drink, fast-food and snack company from Purchase, N.Y., earned $181 million, or 22 cents a share, in the three months ended Dec. 30 compared with $513 million, or 64 cents a share, a year earlier.

Revenue rose 1 percent to $9.25 billion from $9.12 billion a year earlier.

The results were depressed by $384 million, or 48 cents a share, due to a non-cash adjustment in the valuation of assets principally in its restaurant business.

Without the charge, the company said its earnings per share would have risen to 70 cents in the quarter.

The ongoing results were slightly better than analysts’ expectations.