PepsiCo Inc., Purchase, N.Y., announced that it met or exceeded its 2014 financial targets for organic revenue, core constant currency earnings per share (EPS), cash flow, core net return on invested capital (ROIC) and total cash returns to shareholders. This included core earnings per share of $1.12 for the fourth quarter of 2014 and $4.63 for the full year, and organic revenue growth of 5 percent for the quarter and 4 percent for the full year.

"We are pleased to report that we met or exceeded each of our full-year 2014 financial targets,” said Indra Nooyi, chairman and chief executive officer of PepsiCo, in a statement. “Our results are a reflection of our diverse global footprint, the strength of our integrated food and beverage product portfolio, successful innovation and exceptional marketplace execution.

"As we look ahead to 2015, we expect to again deliver results consistent with our long-term financial objectives, despite the anticipated challenging and volatile global macro environment,” Nooyi continued. “Further, returning cash to shareholders remains a top priority, and we plan to return approximately $8.5 to $9 billion to shareholders through both higher dividends and share repurchases."

Specifically for its PepsiCo Americas Beverages (PAB) division, organic revenue increased 3 percent in the quarter, reflecting 2.5 percentage points of effective net pricing. Reported net revenue increased 1 percent during the quarter. Its North American non-carbonated beverage volume increased 4 percent, but its carbonated soft drink volume decreased 2 percent. However, PAB increased its liquid refreshment beverage value market share position in the United States in measured channels, it reports.

For the full year, PAB organic revenue increased 1 percent, reflecting 1.5 percentage points of effective net pricing. Reported net revenue was even with the prior year, and core constant currency operating profit increased 4 percent, reflecting effective net pricing, productivity gains and lower commodity costs, partially offset by operating cost inflation.

For 2015, the company expects its organic revenue to grow mid-single digits versus 2014, consistent with the company's long-term target. The company also is targeting more than $10 billion in cash flow from operating activities and more than $7 billion in free cash flow, excluding certain items, in 2015. Net capital spending is expected to be approximately $3 billion in 2015, within the company's long-term capital spending target of less than or equal to 5 percent of net revenue.

The company announced a 7.3 percent increase in its annualized dividend to $2.81 per share from $2.62 per share, which will take effect with the dividend expected to be paid in June 2015. The company also anticipates share repurchases of $4.5 to $5 billion in 2015.

The company also announced a new share repurchase program providing for the repurchase of up to $12 billion of PepsiCo common stock commencing July 1 and expiring June 30, 2018.