This company delivers like clockwork. Take operating margins: 18% in 2004, 18.2% in 2005, 18.5% in 2006, and 18.2% in 2007–even as the cost of such raw materials as corn and corn syrup soared. Part of the reason is that PepsiCo is the U.S.-based company that has done the best job at becoming truly global. Today steady North American sales get a powerful boost from a fast-growing international business. In 2008, international sales, which make up about 40% of total revenue, climbed by 15%.
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