PepsiAmericas Inc has reported full-year 2009 net income of $181.2m, or diluted earnings per share (EPS) of $1.46. Net income for the full year 2009 included various non-comparable items that in total decreased net income by $27.8m, or EPS by $0.23, resulting in adjusted EPS of $1.69.
Results were also negatively impacted by significant foreign currency movements, which reduced net income by $101m, or EPS by $0.82. These results compare to full-year 2008 reported net income of $226.4m, or EPS of $1.78, which included non-comparable items and discontinued operations that in total reduced EPS by $0.17.
In the fourth quarter of 2009, PepsiAmericas reported net income of $34.6m, or EPS of $0.28. Net income for the fourth quarter of 2009 included various non-comparable items which in total increased net income by $14.2m, or EPS by $0.12. These non-comparable items included a $0.17 EPS gain from the termination of an interest rate swap. These results compare to reported net income in the prior year period of $37.8m, or EPS of $0.30, which included a $0.04 net reduction related to non-comparable items.
Chairman and CEO Robert C Pohlad said: “We began 2009 with a pragmatic view of the challenges and took actions to help mitigate the impacts. Importantly, we also continued to invest in capability and capacity to strengthen our position across our markets.
“We maintained good focus on working capital management to deliver cash flow of over $240m, ahead of our expectations. Our full-year results were impacted by significant currency headwinds, as well as global topline pressures that accelerated in the fourth quarter. To help offset these challenges, global productivity efforts drove over $40m in cost savings while improving our operational and selling capabilities.
Pohlad continued: “It is this capability and productivity, along with strong cash flow, marketplace strength and the growth potential of our Central and Eastern European markets that, going forward, can add value to the Pepsi system.”
Source: PepsiAmericas Inc
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