PepsiAmericas Misses on Earnings, Sales

MINNEAPOLIS (TheStreet) -- Citing volume pressures and currency issues, PepsiAmericas(PAS Quote), the world's second largest Pepsi bottler, said top- and bottom-line results slid in the third quarter as it offered a pessimistic guidance adjustment.

In a statement released before the market opens on Wednesday, the bottling and distribution operation said net income attributable to the company slid to $63.5 million, or 51 cents a share, from $73.1 million, or 58 cents a share, a year ago. After adjusting for certain items, earnings were 59 cents a share.

The consensus centered on 62 cents a share, according to a survey of analysts by Thomson Reuters.

Sales dropped nearly 15% from last year to $1.13 billion in the recently completed quarter. Analysts expected $1.22 billion in revenue.

Expecting a continuing slump in U.S. volumes and some difficulty in emerging economies, specifically Romania, PepsiAmericas reduced its 2009 outlook. It now expects earnings of $1.83 to $1.87 a share. Earlier, the company gave a range of between $1.87 to $1.94 a share.

-- Written by Sung Moss in New York

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