Pepsi Bottling Group ( PBG), PepsiCo's ( PEP) largest bottler, posted a 21% jump in second-quarter earnings, beating Wall Street's forecast.

During the quarter, the company earned $211 million, or 96 cents per share, compared with $174 million, or 78 cents per share, in the same period a year ago.

Excluding a one-time tax benefit and the cost of restructuring and financial advisory charges, however, Pepsi Bottling actually earned $309 million, or 78 cents a share. Analysts had expected a profit of 73 cents.

The company's revenue dropped 7% to $3.27 billion from $3.52 billion in the year-ago period.

Pepsi Bottling had hired financial advisers to deal with a takeover offer from PepsiCo. In May, PepsiCo offered Pepsi Bottling and PepsiAmericas ( PAS) $6 billion to buy the remaining stake in both companies. The bottlers rejected the offer, saying it was too low.

While the buzz over the deal has somewhat fizzled, PepsiCo's CEO Indra Nooyi says it's still highly interest in acquiring the bottler, Reuters has reported.

As PepsiCo reassess its offer, Pepsi Bottling has been on a buying binge of its own. Over the last several months the company has announced plans to acquire about five bottlers.

Looking forward, the company said it expects full-year earnings to be on the high-end of its prior forecast of $2.30 to $2.40 a share.
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