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US: PepsiAmericas profit up 38% in second quarter

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Pepsi bottler, PepsiAmericas Inc., reported a 38% rise in second-quarter net income, boosted by international volume growth. The soft drinks producer registered net income of $48.8m, or 32 cents a share, against net income in the corresponding period last year of $35.4m, or 23 cents a share.

The results included a charge to discontinued operations of $6m and a gain of $2.1m in respect of a land sale. The results also reflected a change in accounting for goodwill as of December 31, 2001.

The company also issued pro forma results, stripping out non-recurring items and assuming the change in accounting for goodwill occurred at the beginning of 2001. On that basis, PepsiAmericas said it earned $52.7m, or 34 cents a share, which matched the average of analysts' estimates.

Sales revenues rose by 3.3% from $856.8m to $884.7m. Total volumes were up by 3.4%, with international volumes rising by 12%.

"During the first half of the year, we achieved what we set out to do," said PepsiAmericas chairman and CEO, Robert C. Pohland. "Our Pepsi trademark volume has stabilized. The growth in Aquafina [bottled water] is in line with our expectations and the growth in flavors and new-age beverages continues to be strong. Achieving profitability in Central Europe is important to our future success and the results in those markets show we're right on track."

PepsiAmericas also reported that domestic volume growth was in double digits during the first three weeks of the current quarter. The company, which is the second largest bottler of Pepsi brands, has raised its earnings forecast for 2002 and is now predicting between $1 and $1.02 a share, against its previous estimate of between 97 cents and $1. Analysts are forecasting around 99 cents a share.


Companies: PepsiCo

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