The Pepsi Bottling Group has announced figures for Q4 and full-year 2003. Fourth quarter net income rose to US$69m from $57m year-on-year, while full year income, before the cumulative effect of the adoption of a new accounting principle, fell to $422m from $428m in 2002.

Earnings per share for Q4 reached $0.26, while EPS for the full year was $1.52.

In a statement, chairman and CEO John T. Cahill said: "We concluded 2003 with momentum returning to our US business.

"Outstanding execution in the marketplace helped us to bring our cold drink volume back into positive territory during the fourth quarter and gain market share on our PepsiCo brands in foodstores."

Cahill continued: "Each of our European businesses generated strong volume growth in the fourth quarter, resulting in 8% volume growth for the year. Innovation continued to drive growth in Russia, while Spain's focus on execution generated solid results. In Mexico, the new pricing architecture that we introduced mid-quarter had a positive impact on our volume trends and share position though, overall, physical case volume remained soft. Driving consumer value remains one of our key priorities in 2004."

The company stated that in fiscal 2004 it expects to achieve EPS of $1.62 to $1.70. The company also stated that it expects worldwide constant territory volume for the full year to be up in the low single-digit range and reported operating income to grow by mid-single digits.