Pepsi Bottling Group
beat Wall Street estimates for the fourth quarter, and signaled a change at the top, saying that John T. Cahill will succeed Craig E. Weatherup as chief executive before the end of the year.
The company, a distributor of
products, reported income of $4 million, or 2 cents a share. In the year-ago fourth quarter, Pepsi Bottling lost 19 cents a share. The 13 analysts queried by
First Call/Thomson Financial
expected the company to break even in the latest period.
Revenue for the quarter rose to $2.4 billion from $2.2 billion in the same quarter a year ago. The earnings in the latest quarter are based on a 17-week fiscal period, as opposed to a 16-week fiscal quarter in 1999.
In 2001, the company, which is based in Somers, N.Y., expects to post earnings of $1.79 to $1.83 a share. The current consensus estimate is $1.79, according to First Call.
Additionally, the company said Weatherup, the chairman and CEO, plans to step down as CEO by the end of the year. The board expects to name Cahill, the company's president and chief operating officer, as Weatherup's successor. Weatherup will remain chairman.
In recent trading, Pepsi Bottling gained $1.20, or 3.2%, at $38.20 on the
New York Stock Exchange