PepsiCo Inc. (PEP, Financial) filed Quarterly Report for the period ended 2010-09-04.
Pepsico Inc. has a market cap of $108.36 billion; its shares were traded at around $68.11 with a P/E ratio of 17.7 and P/S ratio of 2.5. The dividend yield of Pepsico Inc. stocks is 2.9%. Pepsico Inc. had an annual average earning growth of 8.9% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4-star.PEP is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, Jeremy Grantham of GMO LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, John Hussman of Hussman Economtrics Advisors, Inc., Michael Price of MFP Investors LLC, Pioneer Investments, Tom Russo of Gardner Russo & Gardner, Tom Gayner of Markel Gayner Asset Management Corp, John Buckingham of Al Frank Asset Management, Inc., Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors, RS Investment Management, Murray Stahl of Horizon Asset Management, George Soros of Soros Fund Management LLC, Arnold Van Den Berg of Century Management, Bill Frels of Mairs & Power Inc. , PRIMECAP Management, Kenneth Fisher of Fisher Asset Management, LLC, Dodge & Cox.
For the 12 weeks ended September 5, 2009, we recognized $29 million ($19 million after-tax or $0.01 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses. For the 36 weeks ended September 5, 2009, we recognized $191 million ($124 million after-tax or $0.08 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
In the 12 weeks ended September 4, 2010, we incurred merger and integration charges of $69 million related to our acquisitions of PBG and PAS, including $38 million recorded in the PAB segment, $15 million recorded in the Europe segment and $16 million recorded in corporate unallocated expenses. In the 36 weeks ended September 4, 2010, we incurred merger and integration charges of $536 million related to our acquisitions of PBG and PAS, including $334 million recorded in the PAB segment, $44 million recorded in the Europe segment, $128 million recorded in corporate unallocated expenses and $30 million recorded in interest expense. These charges are being incurred to help create a more fully integrated supply chain and go-to-market business model, to improve the effectiveness and efficiency of the distribution of our brands and to enhance our revenue growth. These charges also include closing costs, one-time financing costs and advisory fees related to our acquisitions of PBG and PAS. In addition, we recorded $9 million of charges, representing our share of the respective merger costs of PBG and PAS, in bottling equity income. In total, for the 12 and 36 weeks ended September 4, 2010, these charges had an after-tax impact of $51 million (or $0.03 per share) and $431 million (or $0.27 per share), respectively.
In the 12 and 36 weeks ended September 5, 2009, we incurred $1 million of merger-related charges, as well as an additional $8 million of merger-related charges, representing our share of the respective merger costs of PBG and PAS, recorded in bottling equity income. In total, these charges had an after-tax impact of $8 million (or $0.01 per share).
In the 12 and 36 weeks ended September 4, 2010, we recorded $17 million ($11 million after-tax or $0.01 per share) and $374 million ($319 million after-tax or $0.20 per share), respectively, of incremental costs related to fair value adjustments to the acquired inventory and other related hedging contracts included in PBGs and PASs balance sheets at the acquisition date. Substantially all of these costs were recorded in cost of sales.
As of the beginning of our 2010 fiscal year, we recorded a one-time $120 million net charge related to our change to hyperinflationary accounting for our Venezuelan businesses and the related devaluation of the bolivar. $129 million of this net charge was recorded in corporate unallocated expenses, with the balance (income of $9 million) recorded in our PAB segment. In total, this net charge had an after-tax impact of $120 million or $0.07 per share.
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Pepsico Inc. has a market cap of $108.36 billion; its shares were traded at around $68.11 with a P/E ratio of 17.7 and P/S ratio of 2.5. The dividend yield of Pepsico Inc. stocks is 2.9%. Pepsico Inc. had an annual average earning growth of 8.9% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4-star.PEP is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, Jeremy Grantham of GMO LLC, Diamond Hill Capital of Diamond Hill Capital Management Inc, John Hussman of Hussman Economtrics Advisors, Inc., Michael Price of MFP Investors LLC, Pioneer Investments, Tom Russo of Gardner Russo & Gardner, Tom Gayner of Markel Gayner Asset Management Corp, John Buckingham of Al Frank Asset Management, Inc., Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Steven Cohen of SAC Capital Advisors, RS Investment Management, Murray Stahl of Horizon Asset Management, George Soros of Soros Fund Management LLC, Arnold Van Den Berg of Century Management, Bill Frels of Mairs & Power Inc. , PRIMECAP Management, Kenneth Fisher of Fisher Asset Management, LLC, Dodge & Cox.
Highlight of Business Operations:
For the 12 weeks ended September 4, 2010, we recognized $16 million ($10 million after-tax or $0.01 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses. For the 36 weeks ended September 4, 2010, we recognized $58 million ($36 million after-tax or $0.02 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.For the 12 weeks ended September 5, 2009, we recognized $29 million ($19 million after-tax or $0.01 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses. For the 36 weeks ended September 5, 2009, we recognized $191 million ($124 million after-tax or $0.08 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
In the 12 weeks ended September 4, 2010, we incurred merger and integration charges of $69 million related to our acquisitions of PBG and PAS, including $38 million recorded in the PAB segment, $15 million recorded in the Europe segment and $16 million recorded in corporate unallocated expenses. In the 36 weeks ended September 4, 2010, we incurred merger and integration charges of $536 million related to our acquisitions of PBG and PAS, including $334 million recorded in the PAB segment, $44 million recorded in the Europe segment, $128 million recorded in corporate unallocated expenses and $30 million recorded in interest expense. These charges are being incurred to help create a more fully integrated supply chain and go-to-market business model, to improve the effectiveness and efficiency of the distribution of our brands and to enhance our revenue growth. These charges also include closing costs, one-time financing costs and advisory fees related to our acquisitions of PBG and PAS. In addition, we recorded $9 million of charges, representing our share of the respective merger costs of PBG and PAS, in bottling equity income. In total, for the 12 and 36 weeks ended September 4, 2010, these charges had an after-tax impact of $51 million (or $0.03 per share) and $431 million (or $0.27 per share), respectively.
In the 12 and 36 weeks ended September 5, 2009, we incurred $1 million of merger-related charges, as well as an additional $8 million of merger-related charges, representing our share of the respective merger costs of PBG and PAS, recorded in bottling equity income. In total, these charges had an after-tax impact of $8 million (or $0.01 per share).
In the 12 and 36 weeks ended September 4, 2010, we recorded $17 million ($11 million after-tax or $0.01 per share) and $374 million ($319 million after-tax or $0.20 per share), respectively, of incremental costs related to fair value adjustments to the acquired inventory and other related hedging contracts included in PBGs and PASs balance sheets at the acquisition date. Substantially all of these costs were recorded in cost of sales.
As of the beginning of our 2010 fiscal year, we recorded a one-time $120 million net charge related to our change to hyperinflationary accounting for our Venezuelan businesses and the related devaluation of the bolivar. $129 million of this net charge was recorded in corporate unallocated expenses, with the balance (income of $9 million) recorded in our PAB segment. In total, this net charge had an after-tax impact of $120 million or $0.07 per share.
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