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MINNEAPOLIS - PepsiAmericas Inc., the second-largest Pepsi bottler, said Wednesday that its third-quarter profit fell 13.1 percent, hurt by falling sales, the stronger dollar and several one-time items.
Adjusted results missed analysts' estimates and the company lowered its full-year adjusted earnings guidance, marking a turnaround from the second quarter, when it boosted its guidance on stronger performance.
Volume slipped 9 percent due to consumers cutting their spending in the recession and declining volumes in the U.S., Central and Eastern Europe.
Net income slipped to $63.5 million, or 51 cents per share, compared with $73.1 million, or 58 cents per share, a year earlier. Excluding several one-time items worth 8 cents per share, profit was 59 cents per share.
Analysts expected a profit of 62 cents per share, according to a Thomson Reuters survey. Analysts' estimates generally exclude one-time items.
Sales dropped 14.6 percent to $1.13 billion from $1.33 billion, missing Wall Street's estimate of $1.22 billion.
The company said foreign currency exchange dragged down earnings by 31 cents a share. A strong U.S. dollar hurts foreign sales because it means they translate to fewer dollars once converted back to U.S. currency.
The company, along with top PepsiCo bottler Pepsi Bottling Group Inc., has agreed to be sold to the soft drink maker in a combined deal worth $7.8 billion.
Shares of the company fell 39 cents to $29.05 in premarket trading.
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