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Tuesday, October 14, 2008
PepsiCo to Lay Off 3,300 as Profit Plunges 10%
Associated Press
PURCHASE, N.Y.--PepsiCo Inc. (PEP) says it plans to eliminate 3,300 positions globally, as it reports a 9.5% drop in third-quarter profit.
The company said Tuesday it expects to generate a pretax savings of more than $1.2 billion over the next three years with $350 million to $400 million in 2009, designed to reinvigorate lagging sales of its soft drinks business in the U.S. Pepsi expects to report 2008 earnings per share of $3.67 to $3.68, compared with prior guidance of $3.72.
The company reported a net income of $1.58 billion, or 99 cents a share, in the quarter, compared with $1.74 billion, or $1.06 per share, a year earlier, on sales of $11.2 billion in the most recent period, compared with $10.17 billion a year ago.
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