Pepsi Bottling Q2 Profits Beat Estimates

July 8, 2008 6:37 p.m. EST

New York, NY (AHN) - Pepsi Bottling Group posted second quarter earnings Tuesday that topped estimates sparked by strong revenue due to price increases.

The company reported earnings of $174 million or 78 cents a share on revenue of $3.52 billion, compared to $162 million or 70 cents the same period a year ago.

On average, analysts were expecting 75 cents a share, according to Reuters' estimates.

The largest bottler of PepsiCo beverages said price increases offset a 3 percent decline in case volume as per-case revenue rose 8 percent.

The company said growth in Europe and Mexico help offset weaker volumes in the U.S. and Canada.

Pepsi Bottling affirmed its full year earnings forecast of $2.30 to $2.38 a share. Average analyst estimates are for full year earnings of $2.35. The company expects full year revenue of $14.27 billion to $14.41 billion, slightly lower than analyst estimates of $14.43 billion.

PepsiCo owns 40 percent of the Somers, NY-based Pepsi Bottling Co.