PepsiCo profit falls

PepsiCo Inc reported lower quarterly earnings on Friday, hurt by restructuring and impairment charges and lower volume in its North American beverage business, but results met Wall Street estimates.

Profit fell to $719 million, or 46 cents per share in the fourth quarter, from $1.26 billion, or 77 cents per share a year ago.

Excluding items, the company earned 88 cents per share, in line with analysts' average estimate, according to Reuters Estimates.

Revenue rose 3 percent to $12.73 billion.

The stronger U.S. dollar reduced revenue growth by 5.5 percentage points and earnings by 5 cents per share, said the company, which makes Pepsi, Mountain Dew and Sierra Mist as well as Tropicana juice, Frito-Lay snacks and Quaker oatmeal.

Pepsi expects revenue and operating earnings to grow at a mid-to-high single digit rate in 2009, excluding the impact of currency fluctuations.