US: PepsiAmericas raises guidance on Q2 rise
Soft drinks bottler PepsiAmericas has raised its full-year earnings guidance, despite a drop in profits and net sales in the second quarter of 2009.
PepsiAmericas said today (28 July) that it expected earnings per share to hit a range of US$1.87 to $1.94, compared to a previously stated range of $1.83 to $1.9.
The uprgade reflects "the strong first half results of its US business", said the bottler.
Net sales for the three months to the end of June fell by 6% to $1.3bn, although rose by 5% in the US market. Declines in Central and Eastern Europe and in non-carbonated soft drinks dragged the group's volume sales down by 5% for the three months, compared to the same period last year.
Net profits for the second quarter fell by around a third, from $90.8m last year to $61.4m. Operating profits fell by 4% to $158.8m.
Group chairman and CEO Robert Pohlad said: "We are pleased with our second quarter results, which build on a solid first quarter performance. The strength of our brands combined with our continued strategic investments and consistent improvement in productivity have provided us with the flexibility to manage through today's economic reality."
For the official statement from PepsiAmericas, click here.
An update, with further comments from the company's webcast, appears here.
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