PepsiAmericas profit edges up - but not enough
PepsiAmericas Inc. said Wednesday third-quarter profit rose 2% as the bottler of Pepsi beverages raised prices and sales climbed in Eastern and Central Europe.
Profit rose to $73.1 million, or 58 cents per share, from $71.5 million, or 55 cents per share, a year earlier. Results in the most recent quarter included 11 cents in charges.
Sales rose 12% to $1.33 billion from $1.18 billion, helped by acquisitions, currency benefits and higher pricing to help cover higher raw material costs. A lower tax rate also boosted results.
Analysts surveyed by Thomson Reuters, who usually exclude one-time items from their estimates, expected profit of 62 cents per share and sales of $1.30 billion.
"We successfully navigated what continues to be a challenging U advance america cash advance.S. environment through disciplined pricing, strong marketplace execution and effective productivity initiatives," Chairman and Chief Executive Robert C. Pohlad said.
Total U.S. pricing rose 3.2% to help cover higher raw material costs. Average net pricing rose 18.4% internationally, boosted by exchange rates, PepsiAmericas (PAS) said.
Total volume, or the number of cases sold either directly or indirectly to consumers, rose almost 8%.
For the full-year, the company expects adjusted earnings per share between $1.92 and $1.96. Analysts expect $1.93 for the year.