Pepsi Bottling Group quarterly profit rises

by Staff
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SOMERS, N.Y. — Net income for The Pepsi Bottling Group totaled $205 million, equal to 84c on the common stock, for the third quarter ended Sept. 3. Income was up 7% from the same period last year, and included a net pre-tax gain of $16 million from the high-fructose corn syrup litigation settlement. Sales were $3,214 million, up 9.5% from a year ago.

Shares outstanding in the quarter averaged 243 million, down from 254 million in the third quarter of 2004. During the third quarter P.B.G. purchased 3.3 million shares of common stock. Through the end of the third quarter, the company repurchased 12.1 million shares.

Physical case volume in the United States grew 4% in the third quarter on a constant territory basis (adjusted for any acquisitions). The company’s cold drink volume grew 3% and its take-home business grew by 5%.

"Sales of our non-carbonated beverages were very strong, up more than 20%," the company said. "Aquafina, Tropicana, Lipton teas and our energy portfolio all generated double-digit volume growth. Our diet carbonated soft drink portfolio continued to perform well, growing 4% in the quarter."

For fiscal 2005, Pepsi Bottling forecast diluted earnings of $1.83 to $1.87, changed from its previous forecast of $1.82 to $1.88. Both figures were adjusted to exclude the 53rd week in 2005.

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