, the Minneapolis, Minn.-based cola bottler, said its first-quarter earnings fell 32.2% from the year-ago period on weak domestic volume.
The company earned $14.1 million, or 11 cents a share, in the quarter, compared with $20.8 million, or 15 cents a share, a year ago. Adjusted for items, earnings were $15.5 million, or 12 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of $19.8 million, or 16 cents a share in the most recent quarter.
First-quarter revenue rose 2.3% from a year ago to $848.5 million as against analysts' expectation of $876 million.
The company expects to earn $1.44 a share to $1.49 a share in the full year, matching its earlier forecast on Feb. 1. Adjusted for special items, earnings are expected to be $1.45 a share to $1.50 a share while the analysts' expectation is $1.45 a share for the full year.
"While our first quarter results were less than we wanted," the company said. "We are confident that we will deliver our full-year earnings per share guidance."
"In our international businesses, we are off to a solid start," the company said. "Central European volume grew, while the Caribbean delivered strong top line growth. We also intend to acquire the remaining 51 percent interest in the Romanian Pepsi bottler later this year, increasing our presence in developing international markets."
First-quarter gross profit fell marginally 0.7% from a year ago period to $347.8 million and gross margin dropped 125 basis points to 41%. Operating income fell 17.1% from a year ago period to $45.7 million and operating margin declined 126 basis points to 5.4%.
PepsiAmericas dropped $1.10 to $23.80.
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