Pepsi Bottling Group
Thursday reported juiced-up second-quarter results, thanks partly to sales of bottled water and orange juice, and raised 2004 earnings guidance.
The Somers, N.Y.-based company has net income of $142 million, or 53 cents a share, vs. $131 million, or 47 cents a share a year ago. Revenue rose to $2.67 billion from $2.53 billion in the year-ago period. The consensus estimate was for a profit of $136.6 million, or 51 cents a share, on revenue of $2.65 billion.
"Pepsi was positive for the second consecutive quarter and we saw strong growth in our diet and non-carbonated beverage portfolios, up 8% and 17%, respectively, this past quarter," the company said. "Tropicana juice drinks continued to perform above our expectations and Aquafina bottled water delivered double-digit growth. The pricing environment in the U.S. was favorable -- a trend we expect will continue -- and our ability to capture mix benefit contributed to our net revenue-per-case growth."
The company also singled out strong growth in Europe, led by Russia and Turkey.
The company also raised its estimate for full-year 2004 EPS to $1.68 to $1.74. Analysts are forecasting $1.71 a share.
Shares closed at $30.25 Wednesday, just shy of their 52-week high of $30.69.