With E.P.S. up 11%, Pepsi Bottling raises earnings guidance

by Josh Sosland
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SOMERS, N.Y. — Net income of The Pepsi Bottling Group, Inc. in the quarter ended June 11 was $148 million, equal to 61c per share on the common stock, up 4% from $142 million, or 55c per share, in the second quarter last year. Sales were $2,862 million, up 7%.

Shares outstanding in the quarter averaged 252 million, down from 267 million in the second quarter of 2004. Adjusted for the drop, earnings per share in the quarter rose 11%. During the second quarter alone, P.B.G. purchased 4.5 million shares of common stock.

Physical case volume in the United States grew 1% in the second quarter on a constant territory basis (adjusted for any acquisitions). Growth in the company’s food service business helped drive cold drink volume, which was up 1% for the quarter. Volume in the take-home segment was slightly positive.

"P.B.G.’s non-carbonated portfolio continued to perform well, with Aquafina returning to double-digit growth," the company said.

For fiscal 2005, Pepsi Bottling forecast diluted earnings of $1.82 to $1.88, up from its previous forecast of $1.76 to $1.84. Both figures were adjusted to exclude the 53rd week in 2005.

The Pepsi Bottling Group, Inc. is the world’s largest manufacturer, seller and distributor of Pepsi-Cola beverages, with operations in the United States, Canada, Greece, Mexico, Russia, Spain and Turkey.

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