SOMERS, N.Y. (AP) -- Pepsi Bottling Group, which is being purchased by PepsiCo Inc., reported a profit for its fiscal fourth quarter as the company cut costs to offset flat sales.
Profit for the quarter ended Dec. 26 totaled $90 million, or 40 cents per share, compared with a loss of $271 million, or $1.28 per share in the prior-year quarter.
Excluding one-time items, such as advisory fees related to its takeover by PepsiCo, a benefit from an accounting change, restructuring costs and a tax benefit, net income was 59 cents per share. Analysts predicted a profit of 43 cents per share, according to a poll by Thomson Reuters. Analysts typically exclude one-time items.
Revenue was nearly flat at $3.81 billion. Analysts predicted revenue of $3.83 billion.
Shares of Pepsi Bottling Group Inc. slipped 2 cents to $37.61.
Profit for the year more than tripled to $612 million, or $2.77 per share, from $162 million, or 74 cents per share last year.
Revenue fell 4 percent to $13.22 billion from $13.8 billion.
PepsiCo announced in August that it would buy Pepsi Bottling Group and another bottler, PepsiAmericas, in a deal worth a combined $7.8 billion. PepsiCo Bottling North America will contain all Pepsi Bottling Group and PepsiAmericas operations in the U.S., Canada and Mexico.
