PepsiAmericas income up 20% in quarter

by Staff
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MINNEAPOLIS — PepsiAmericas, Inc. posted a net income for second quarter 2007 of $78 million, equal to 62c per share on the common stock, a 20% increase compared with a net income of $65 million, or 51c per share, during the same quarter of 2006.

Net sales for the quarter were $1,198,900,000, a 13% increase compared with $1,065,200,000 during the same quarter of last year.

"By executing our key initiatives in the U.S., we successfully cycled through strong volume growth of a year ago and expanded our gross margins," said Robert C. Pohlad, chairman and chief executive officer. "Our revenue strategy is working, with our new sales organization. We continue to build scale in our non-carbonated beverage portfolio, now 22% of our volume sold in the U.S."

Worldwide volume increased 6.2% compared with the same period of the previous year. Volume in existing Central European markets increased 10.7%, and net sales in the U.S. increased 4.2% to $929.9 million in the quarter.

For the first six months, net income was $98.6 million, or 78c per share, a 25% increase compared with $79.1 million, or 61c per share, during the same period of last year. Net sales were $2,159,100,000, a 13% increase compared with $1,913,700,000 during the same period of the previous year.

Mr. Pohlad said that due to strong performance in the first half, the company has raised the full-year adjusted earnings per share guidance to $1.55 to $1.60.

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