Pepsi Bottling Group income down 3% in quarter

by Staff
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SOMERS, N.Y. — For the first quarter ended March 22, The Pepsi Bottling Group, Inc. posted net income of $28 million, equal to 13c per share on the common stock, down 3% from $29 million, or 13c per share, during the same quarter of the previous year.

Net revenues were $2,651 million, up 8% from $2,466 million during the same quarter of the previous year.

"The first quarter marked a solid start to the year as we exceeded both our worldwide profit and earnings per share objectives," said Eric Foss, president and chief executive officer. "The diversity and strength of our geographic portfolio combined with significant cost productivity gains helped offset a challenging macroeconomic environment in the U.S.

"We also remained committed to investing for future growth, announcing two acquisitions that will enhance our competitive position in Russia and unlock new opportunities to expand our international business."

Revenue during the quarter was driven by growth in each of the geographic segments with the U.S. and Canada segment posting a 5% revenue increase. Total worldwide physical case volume was up 2% with every country having positive volume growth.

In 2008, the company expects to have top-line growth of about 6% to 7% and comparable diluted e.p.s. in the range of $2.30 to $2.38.

"Our main focus in the second quarter and beyond is on improving our profitability in the U.S. and Canada, capturing the growth potential in Europe and building upon our encouraging progress in Mexico," Mr. Foss said.

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