After Coca-Cola’s upbeat full-year earnings release yesterday, PepsiCo beat market earnings expectations today while announcing a major share buyback.

PepsiCo announced today that organic revenue grew by 4% globally, while reported net revenues were even because of a 3 percentage point unfavourable currency impact.

Volumes and profits generally came in ahead of expectations, with the firm announcing that core constant currency operating profit increased 5%. Reported operating profit decreased by 1% and included the impact of restructuring and impairment charges. Core gross margin was 55bps up after the firm delivered $1bn of productivity savings during the year.

”We are pleased to report that we met or exceeded each of our full-year 2014 financial targets. 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,” said Chairman and CEO Indra Nooyi.

“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.”

Additionally, PepsiCo said it was to give back $8.5 to $9bn to shareholders through $3.7bn in dividends and $5bn in share repurchases.

In terms of European performance, organic revenue grew 6% percent in the fourth quarter, reflecting 3 percentage points of effective net pricing and volume growth of 3% in both snacks and beverages.

Reported net revenue in Europe plummeted by 10%, reflecting a 16 percentage point unfavourable foreign exchange translation impact.

Overall in the fourth quarter, PepsiCo experienced a 2% growth in snacks and a 1% rise in drinks sales. Fourth quarter organic revenue grew 5% and reported net revenue declined 1%.