USA: The Pepsi Bottling Group Raises Earnings Estimates
The Pepsi Bottling Group, Inc. (NYSE: PBG - news) today announced an increase in its projected earnings for the remainder of 2000 and also took its extended forecast for 2001-2003 upward. Continued pricing gains and more effective cost management support these changes in the projections. Highlights include the following: For the year 2000:-- Earnings Before Interest Taxes Depreciation and Amortization(EBITDA) growth of 15%, revised upward from an original projection of 10-12% growth-- A projected increase of $35 million in operating free cash flow, to $185 millionFor 2001-2003:-- An estimated 10-12% range of growth for EBITDA, up from an estimated 8-10%, with an annual gain in return on invested capital (ROIC) of at least 50 basis pointsSpeaking at the Goldman Sachs Global Beverage, Food and Tobacco Conference today in New York City, Craig Weatherup, Chairman and Chief Executive Officer for PBG, announced the new forecast numbers.
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