Pepsi bottling turns to profit in Q4

Pepsi Bottling Group (PBG) has reported net income of $90m or $0.4 per diluted share for the fourth

The company said that net revenues for the quarter were flat at $3.8bn. Operating income for the quarter was $186m compared to operating loss of $264m for the corresponding period prior year.

For the full year 2009, net revenues were $13.2bn, a decrease of 4 per cent compared to $13.8bn for the previous year. Net income for the full year was $612m or $2.77 per diluted share compared to net loss of $162m or $0.74 per diluted share for the previous year. Operating income for the full year 2009 was $1.04bn compared to $649m in the year ago.

Net revenue per case improved 4 per cent on a currency neutral basis in 2009. This includes currency neutral net revenue per case growth of 3 per cent in the US and Canada, 7 per cent in Europe and 6 per cent in Mexico. On a reported basis, net revenue per case declined 1 per cent, with 2 per cenr growth in the US and Canada segment and double-digit declines in Europe and Mexico.

Reported worldwide operating income for the full year 2009 grew 61 per cent, with a 2 per cent decline in the US and Canada segment, offset by growth in Europe and Mexico. Total worldwide physical case volume declined 3 per cent for the full year, consistent with the company's expectations. Volume declined 2 per cent in the US and Canada segment, 4 per cent in Mexico and 8 per cent in Europe.

Eric Foss, chairman and chief executive officer of PBG, said: "At the beginning of 2009, we expressed optimism that PBG would continue to perform well in the marketplace despite ongoing macroeconomic challenges. Our ability to achieve our full year targets demonstrates that our optimism was justified, as we executed our game plan effectively and delivered a strong set of financial results."