Pepsi Bottling quarterly profit beats estimates
Reuters, New York
Pepsi Bottling Group Inc on Tuesday posted higher-than-expected second-quarter profit and raised its 2006 outlook, citing strong volume growth in noncarbonated drinks such as Tropicana juices and Lipton Iced Tea.The largest bottler of Pepsi drinks posted net income of $148 million, or 61 cents a share, compared with $148 million, or 59 cents a share, a year earlier. The earnings exceeded the analysts' average forecast of 59 cents a share, according to Reuters Estimates. Excluding stock option expenses and costs from the devaluation of the Turkish lira, Pepsi Bottling's profit was 69 cents a share. The company, which is 43 percent owned by PepsiCo Inc, the world's No. 2 soft-drink company, said revenue rose to $3.14 billion from $2.86 billion.
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