Pepsico

Pepsico Inc. said its profit slipped for the fourth quarter but that earnings would have risen except for one-time restructuring charges and accounting changes.

The Purchase, N.Y., company said its three main businesses of soft drinks, snack foods and restaurants each posted double-digit operating gains.

Pepsico earned $265.6 million, or 32 cents a share, in the 16 weeks ended Dec. 26, down 2% from $271.1 million, or 34 cents a share, a year earlier.

Fourth-quarter revenue rose 16% to $6.8 billion from $5.84 billion a year earlier.

Without the charges, Pepsico said its earnings would have risen 22% to $399.2 million for the quarter.

A restructuring mainly involving the domestic soft drink business reduced earnings by $128.5 million in the fourth quarter of 1992.

The latest results also included $927.4 million in charges spread across the year to comply with new accounting standards on income taxes and post-retirement health benefits for its employees. All publicly traded U.S. companies must comply with the standards, which have resulted in large losses for many firms.