Pepsi Bottling Group 2nd-qtr profit tops view
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Tue, 08 Jul 2008 11:10:05 GMT |
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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)
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