PepsiCo Corrects Error; Profit, Outlook Improve
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PepsiCo Inc. said it has restated upward its earnings for the last two years because of a “computational error” and raised its forecast for this year.
The drinks and snacks giant said the changes were made to correct the overstatement of stock option expenses.
The Purchase, N.Y.-based company said 2003 earnings were $2.05 a share, 4 cents more than it reported Thursday. For 2002, earnings were restated to $1.68 a share from the previously reported $1.66 a share.
PepsiCo also boosted its 2004 earnings view to $2.27 to $2.29 a share, up from last week’s forecast of $2.24 to $2.28.
Shares of PepsiCo fell 27 cents to $49.94 on the NYSE.
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