Pepsi Bottling Group
reported first-quarter net income of $58 million, or 27 cents a share, as the period benefited from a gain on the settlement of tax audits.
The latest quarter includes a net after-tax gain of $36 million, or 17 cents a share, from the settlement of tax audits and previously announced restructuring charges.
The company earned $31 million, or 12 cents a share, a year earlier.
Sales in the quarter fell to $2.51 billion from $2.65 billion.
Pepsi Bottling on Wednesday reaffirmed that a special committee of independent directors will evaluate a takeover proposal made earlier this week from
and "will respond in due course."
PepsiCo launched a $6 billion takeover bid for both Pepsi Bottling and
Pepsi Bottling raised its full-year earnings and operating free cash flow guidance for 2009.