The world's largest bottler of PepsiCo Inc <PEP.N> drinks reported net income of $81 million, or 35 cents per share, for the fourth quarter, which ended December 29, compared to $133 million, or 55 cents per share, a year ago.
NEW YORK (Reuters) - Pepsi Bottling Group Inc <PBG.N> said on Tuesday that quarterly net profit fell, as it took charges related to restructuring and disposing of some vending machines.
The world's largest bottler of PepsiCo Inc <PEP.N> drinks reported net income of $81 million, or 35 cents per share, for the fourth quarter, which ended December 29, compared to $133 million, or 55 cents per share, a year ago.
Excluding items, the bottler earned 39 cents per share.
Quarterly net revenue rose 7 percent to $4.04 billion, helped by price increases. Worldwide case volume was flat, the company said.
!ADVERTISEMENT!The company said it is on track to meet its 2008 earnings outlook of $2.30 to $2.38 per share, excluding items.
Last month when the company first gave the forecast, which fell short of most Wall Street estimates, it said the outlook was based on an expectation that prices for raw materials, such as corn for sweetener, would keep rising.
Pepsi Bottling expects revenue to grow 6 percent to 7 percent in 2008 with reported operating profit growing 4 percent to six percent.
(Reporting by Martinne Geller; Editing by Derek Caney)
