US: Pepsi Bottling Group raises full year forecasts
The Pepsi Bottling Group has raised its earnings and cashflow guidance for the current fiscal year.
In a statement, the soft drinks bottler said it will tell an investor day conference in New York today (13 December) that it expects to achieve top-line growth of about 6% over the next three years (2008-2010), while achieving operating profit growth of 5-7% and diluted earnings per share growth in the high single digits over the same period.
"While the company expects commodity cost pressures to continue and contribute to a 5-6% increase in its cost of goods sold per case in 2008, it expects next year's adjusted operating profit to increase 4-6% and adjusted diluted earnings per share to be $2.30 to $2.38," the company said.
The company said it will also confirm its 2007 full-year guidance of adjusted operating profit growth of 10-11%, including the three percentage point impact from the consolidation of the Russian joint venture.
In addition, Pepsi Bottling raised its adjusted diluted earnings per share guidance from a range of US$2.15 to $2.18 to a range of $2.17 to $2.20. PBG also said it now expects operating free cash flow to exceed $570m as compared to the company's previous guidance of $560 to $570m.
"Effective revenue and margin management, operational excellence through cost productivity, and investments for future growth have enabled us to create great value for our shareholders," said PBG president and CEO Eric Foss. "PBG has a proven track record of success, a powerful set of strengths that distinguish us from competitors, and a promising growth outlook. Our combination of great brands, great go-to-market system and great people will fuel our continued success moving forward."
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