PepsiCo (NASDAQ: PEP), a global leader in food and beverage, reported a revenue increase from $79.5 billion in 2021 to $91.5 billion in 2023, alongside a net income rise from $7.6 billion to $9.1 billion. The company now pays a quarterly dividend of $1.355 per share, a 7.1% increase, marking the 52nd consecutive year of dividend hikes. Projected organic revenue growth of at least 4% and an 8% increase in earnings per share for 2024 suggests continued dividend increases.
Genuine Parts (NYSE: GPC), specializing in automotive and industrial parts distribution, saw revenue grow from $18.9 billion in 2021 to $23.1 billion in 2023, with net income rising from $899 million to $1.3 billion. The company maintains a quarterly dividend of $1 per share and has a strong track record with 68 years of increases. Despite a slight drop in net income for Q1 2024 due to restructuring charges, earnings reports indicate a healthy cash flow of $202.6 million.
Fastenal (NASDAQ: FAST), the largest U.S. fastener distributor, experienced revenue growth from $6 billion in 2021 to $7.3 billion in 2023, along with net income rising from $925 million to $1.16 billion. The company pays an annual dividend of $1.56 per share, reflecting a 2.4% yield. For Q1 2024, revenue reached approximately $1.9 billion, a 2% increase year over year, while net income rose by 1% to $297.7 million, continuing its trend of healthy earnings growth.
