Pepsi Bottling Group 3Q Profit Climbs 10 Percent

SOMERS, N.Y. (AP) — Pepsi Bottling Group Inc., which is being purchased by PepsiCo Inc., said Tuesday that its profit rose 10 percent in the third quarter on a favorable tax audit settlement.

The country's largest Pepsi bottler earned $254 million, or $1.14 per share, compared with $231 million, or $1.06 per share, in the same quarter last year.

The latest quarter's results included $17 million, or 8 cents per share, for a favorable tax audit settlement and some other items.

Analysts forecast profit of $1.05 per share, according to a Thomson Reuters poll. Analysts' estimates typically exclude one-time items.

For the period ended Sept. 5, Pepsi Bottling's sales dropped 5 percent to $3.63 billion from $3.81 billion. The results missed Wall Street's estimate of $3.73 billion.

The company reiterated that its full-year earnings will likely come in at the high end of its projected range of $2.30 to $2.40 per share.

Analysts predict net income of $2.39 per share for the year.