PepsiCo’s earnings for the fourth quarter missed estimates on Tuesday, with revenue falling short for the third consecutive quarter.

Sales declined and profits rose slightly, but each metric came in worse than expected.

Sales fell in PepsiCo’s North American segments while they grew internationally.

PepsiCo’s fourth-quarter earnings fell short of estimates on Tuesday as sales missed expectations for the third straight quarter.

The snack food and beverage giant reported a declining $27.78 billion in revenue, down from $27.85 billion in the same time a year ago and the $27.91 billion growth that analysts had expected. PepsiCo’s (PEP) net income came in at $1.52 billion, or $1.11 per share, up slightly from $1.3 billion a year ago but well below the $2.61 billion, or $1.90 per share, consensus estimate from Visible Alpha.

After adjusting for a number of one-time costs like impairments and restructuring charges, PepsiCo recorded an adjusted net income of $2.69 billion and $1.96 per share, two cents better than expected.

Sales Declines in North America Offset By International Growth
Sales declined across the North American segments of the company’s snack food companies, Frito-Lay and Quaker Foods, while the volume of its beverage sales declined 3% year-over-year. Those declines were offset by growth in the company’s international divisions.

Looking ahead to 2025, PepsiCo said it expects a low-single digit increase in organic revenue, along with a mid-single digit increase in adjusted EPS. The company also announced a 5% bump to its full-year dividend to $5.69 per share, up from $5.42 per share previously.

PepsiCo shares were down more than 2% Tuesday morning after entering the day down just over 12% in the last 12 months.