Pepsi sales rise 10% in the fourth quarter on price hikes

PepsiCo reported better-than-expected sales in the fourth quarter after hiking prices for its drinks and snacks.

Revenue rose more than 10% to $28 billion. That was better than the $26.8 billion Wall Street had forecast, according to analysts polled by FactSet.

Pepsi’s net income fell 60% to $535 million, largely due to a $1.5 billion impairment charge for its SodaStream brand and other assets. Without one-time items, Pepsi earned $1.67 per share in the October-December period, beating analysts’ forecast of $1.65.

Higher prices helped it navigate rising costs for fuel as well as commodities like cooking oil and potatoes, the company said Thursday.