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Pepsi report a "solid...

Pepsi report a "solid performance" in 2004

26 Jan 2005
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CEO says that new products and packages as well as outstanding execution helped the company to manage some challenging conditions this year and ultimately deliver a solid performance in 2004.

26/01/05 The Pepsi Bottling Group, Inc. reported full year 2004 net income of $457 million, compared to a reported net income in 2003 of $416 million PBG`s worldwide physical case volume grew two percent during the fourth quarter of 2004 and the full year on a constant territory basis. In the US, volume was down one percent for the quarter, but grew two percent for the full year. PBG`s European territories closed out the year with strong volume growth, up 13 percent in the quarter and 10 percent for the year. The Company`s business in Mexico delivered a four-percent physical case volume improvement in the fourth quarter, which resulted in flat volume on a year-over-year basis.
"New products and packages as well as outstanding execution helped us to manage some challenging conditions this year and ultimately deliver a solid performance in 2004," said John T. Cahill, Chairman and Chief Executive Officer of PBG. "In the US, we achieved very balanced topline growth for the year, driven by a double-digit increase in our non-carbonated portfolio and fairly balanced contributions of rate and mix to our net revenue per case improvement”, he added. Cahill reported a “terrific year” for European operations in 2004, with Russia and Turkey delivering strong double-digit volume growth. Innovation fueled our growth in each of our territories, while the company’s core brands performed equally well.
PBG’s US business grew net revenue per case by four percent for the quarter and three percent for the full year, while worldwide net revenue per case was up three percent in both the fourth quarter and the year. Meanwhile the Company generated net cash provided by operations of $1.3 billion with capital expenditures of $717 million. This resulted in net cash provided by operations less capital expenditures of $534 million, a 21-percent increase over prior year.
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