US: PBG reports lift in Q2
The Pepsi Bottling Group has posted a leap in profits for its second quarter.
The US-based bottler said today (10 July) that revenue in the second quarter of 2007 rose by 7% year-on-year, totalling US$3.4bn. Operating income grew by 10% and net income lifted to $162m compared to $148m for the same time last year.
While volumes in the US were flat, Canadian volumes rose by 3%. European volumes were up by 6%, driven by growth in CSDs and non-carbonated beverages in Russia. In Mexico, volumes were down by 3%.
PBG president and CEO Eric Foss said: "By executing our key strategic initiatives, we were able to deliver double-digit growth in earnings per share for the quarter. As a result, we are increasing our full-year 2007 EPS guidance range to US$2.02 to $2.07. Our focus continues to be on creating long-term value and growth for our shareholders."
In March, PBG announced that it has created a joint venture in Russia with PepsiCo. The division, which will be called PR Beverages, will be governed by a board of directors representing the two companies equally.
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