PepsiAmericas Inc., the second largest bottler and distributor of Pepsi-branded drinks, has said it expects its 2002 earnings to be at the lower end of its expectations as the result of poorer-than-anticipated US volumes.
This further warning follows an earlier cut in its earnings forecast. In December, the bottler reduced its earnings forecast for 2002 to between $1 and $1.02 per share to between 90 cents and 93 cents, excluding a charge. Analysts’ average forecasts for the company’s earnings are now at around 91 cents.
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The company has also scaled down its forecast for 2003. PepsiAmericas said it expects worldwide volume growth of between 2% and 3% for 2003, net price increases of between 2.5% and 3.5% and earnings-per-share growth of between 9% and 11%.
Analysts polled by First Call are forecasting an average of around $1.02 per share, representing 12% growth on the current average forecast for 2002.
