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US: Floods hit PepsiCo, but full year guidance on track

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PepsiCo has restated its FY2008 EPS guidance of US$3.72, the company said this week.

The soft drinks giant added that in comments to be made with investors in London and at The Deutsche Bank Global Consumer and Food Retail Conference in Paris, PepsiCo's chief financial officer Richard Goodman will express confidence in the company's business outlook.

The statement was made in a release confirming that the floods that have been sweeping Iowa have caused the company to close its Quaker production plant in Cedar Rapids.

The plant was closed on Wednesday (11 June) and the company described the situation assessment as "ongoing".

PepsiCo said that it anticipates disruption to normal services over the next few weeks, including product allocation to retailers of some Quaker food and snack items.

PepsiCo reiterated its full year guidance, as insurance is covering any losses resulting from the flooding.

The company also said that although flooding throughout the Mid-West is interrupting grain planting, it is largely covered for key commodities throughout 2008 and into 2009.


Sectors: Soft drinks, Water

Companies: PepsiCo

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