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Pepsi Bottling Group 2nd-qtr profit tops view

NEW YORK (Reuters) - Pepsi Bottling Group Inc <PBG.N>reported better-than-expected quarterly profit on Tuesday, as price increases in the U.S. and Canada overshadowed a decline in volume.
Posted : Tue, 08 Jul 2008 11:10:05 GMT
Author : Reuters
Category : US (Business)
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NEW YORK (Reuters) - Pepsi Bottling Group Inc reported better-than-expected quarterly profit on Tuesday, as price increases in the U.S. and Canada overshadowed a decline in volume.

The largest bottler of PepsiCo Inc drinks said net income rose to $174 million, or 78 cents per share, in its fiscal second quarter, ended June 14, up from $162 million, or 70 cents per share, a year ago.

Analysts on average were expecting 75 cents per share, according to Reuters Estimates.

Net revenue rose to $3.52 billion from $3.36 billion a year ago.

Total worldwide case volume fell 3 percent, but net revenue per case rose 8 percent, led by strength in Europe and Mexico. Revenue per case rose 5 percent in the U.S. and Canada, due mostly to rate increases, the company said.

Pepsi Bottling, based in Somers, New York, affirmed its full-year earnings outlook, which calls for earnings of $2.30 to $2.38 per share and operating free cash flow of at least $620 million.

(Reporting by Martinne Geller; Editing by Derek Caney)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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