Pepsi Bottling Group Inc. (PBG) reported first-quarter net income of $34 million, or 14 cents a share, compared with $39 million, or 15 cents, earned in the first three months of 2005.
Excluding expenses tied to the adoption of an accounting rule regarding share-based payments, the Somers, N.Y.-based company would have earned 18 cents a share in the latest quarter ended March 25.
Pepsi Bottling generated quarterly revenue of $2.37 billion, up from nearly $2.15 billion in the same period last year, as worldwide physical case volume jumped 6%.
Analysts, on average, had been looking for earnings of 11 cents a share on revenue of $2.29 billion, according to estimates compiled by Thomson First Call.
The company also affirmed its full-year financial outlook.
Shares of Pepsi Bottling added 14 cents to end Monday's trading at $31.65.