PepsiAmericas, the number 2 bottler of PepsiCo drinks, on Tuesday posted an 83 per cent increase in first-quarter profit, helped by strong volume increases.
PepsiAmericas - which also forecast 2002 earnings growth between 7 per cent and 10 per cent - posted a profit of $23.4 million (€26million), or 15 cents a share. That compares with a profit of $12.8 million, or 8 cents a share in the year-earlier period.
Analysts had expected the company to earn 14 cents to 16 cents a share, with a consensus of 15 cents, according to tracking firm Thomson Financial/First Call.
Sales climbed 4.5 per cent to $737 million from $705.4 million.Total volume rose 5.9 per cent, with domestic volume growing 4.5 per cent and international volume jumping 9.5 per cent. International volume growth was based entirely in Central Europe, the company said, while markets in the Caribbean languished as tourism declined.
Looking ahead, the company said it expects domestic volume growth at the high end of 1.5 percent to 2 per cent.
The Minneapolis-based bottler said earlier it expected 2002 earnings of 97 cents to $1 a share, including the effect of about 31 cents a share for an accounting change.
PepsiAmerica's shares closed down 4 cents at $14.43 on the New York Stock Exchange on Tuesday.