UPDATE: PepsiCo Posts Higher Q4 Profit, Lifts Dividend

PepsiCo

reported a rise in its fourth-quarter net income. PepsiCo's quarterly profit surged to $1.742 billion, or $1.12 per share, versus a year-ago profit of $1.661 billion, or $1.06 per share. Its revenue climbed to $20.12 billion versus $19.95 billion. Its core earnings came in at $1.05 per share. However, analysts were expecting earnings of $1 per share on revenue of $20.1 billion. PepsiCo also lifted its annualized dividend by 15% hike to $2.62 per share. It projects 2014 core earnings per share to increase 7% from $4.32 in FY13. PepsiCo shares closed at $81.49 yesterday.