The maker of Pepsi-Cola drinks and Frito-Lay snacks also said it hopes to complete its $7.8 billion acquisition of its two largest bottlers by the end of the month.
PepsiCo earned $1.4 billion, or 90 cents per share, in the fourth quarter, nearly double the $719 million, or 46 cents per share, it earned a year earlier.
Revenue rose 4.5 percent to $13.3 billion.
Analysts on average were expecting a profit of 90 cents per share and $13.26 billion in revenue, according to Thomson Reuters I/B/E/S.
PepsiCo, which also owns Tropicana, Quaker and Gatorade, said it still expects 2010 earnings growth of 11 percent to 13 percent, excluding items.
(Reporting by Jessica Wohl, with reporting by Martinne Geller in New York, editing by Dave Zimmerman)