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PepsiAmericas Says 3Q Results Hurt By Falling Sales In Romania

PepsiAmericas Inc., the world’s second-largest Pepsi bottler, Wednesday said its third-quarter revenue on the European markets was negatively affected by the economic downturn in Romania.
PepsiAmericas Says 3Q Results Hurt By Falling Sales In Romania
28 oct. 2009, 16:25, English

„Given the challenges in our European business and volume pressures in the U.S., we are satisfied with our performance this quarter (…) In Europe, the weaker economic trends in Romania negatively impacted revenues and operating profits in the quarter, while volumes sequentially improved in all other markets,” said Robert C. Pohlad, PepsiAmericas’ Chairman and CEO.

Pohlad said he expects the trends to continue for the remainder of the year. „As a result, we are revising our full year 2009 adjusted earnings per share outlook to $1.83 from $1.87,” he mentioned.

PepsiAmericas reported third quarter net income of $63.5 million, down from $73.1 million in the same period the year earlier. It said net sales fell to $1.133 billion in the third quarter from $1.327 billion the same period of 2008.

In Central and Eastern Europe, the company posted net sales of $279 million in the third quarter, down 27% from the prior year quarter.

„Volume declined 9.3% in the quarter, reflecting continued difficult economic conditions in the company’s emerging markets, particularly Romania,” PepsiAmericas said in its financial report.

PepsiAmericas entered the Romanian market in 2007, after it took over Pepsi manufacturer and bottler Quadrant-Amroq Bottling.