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The Somers, New York-based company also sees a 1% to 2% upside in 2007 worldwide physical case volume on a constant territory basis. Confirming the full-year earnings per share outlook that was announced on November 15, the company said that its reported earnings per share, including $0.18 per share expense from share-based payment and $0.

05 per share gain from third-quarter tax law changes, are expected to be in the range of $1.90 - $1.93.

Excluding the gain from tax law changes, full-year adjusted earnings per share are affirmed to be between $1.85 and $1.88.

On average, 15 analysts polled by First Call/Thomson Financial expect the company to report full-year earnings of $1.88 per share. The company also said that it expects reported operating income to be down one to up one percent for the year, including the seven-percentage point negative impact from the adoption of share-based payment.

Excluding this item, adjusted operating income is estimated to grow 6% to 8% for the year. Pepsi Bottling further stated that it anticipates a 3% improvement in fiscal 2006 worldwide physical case volume, on a constant territory basis, supported by strong volume growth in geographic segments. The company's U.

S. business is expected to record a 3% rise in volume for the year. As per the company, constant territory calculations assume a 52-week year and all significant acquisitions made in the prior year were made at the beginning of that year.

These calculations exclude all significant acquisitions made in the current year. Pepsi Bottling also noted that worldwide reported net revenue per case is on track to post a 4% upside in 2006, with the U.S.

generating a 3% growth. In the U.S.

, the company made significant progress in advancing its customer service agenda, while its European and Mexican businesses delivered strong results, taking advantage of best practices, particularly in revenue and margin management, Foss said. Additionally, Pepsi Bottling indicated that it would continue generating solid operating free cash flow, which is projected to be between $510 million and $530 million for the full year. Foss said that significant increase in cost of raw materials is the major challenge in front of the company.

The company is planning to announce its fourth quarter and full year 2006 results on January 30, 2007. Pepsi Bottling said that it sees fiscal 2007 earnings per share in the range of $1.92 - $2.

00. The company would adopt FIN 48, Accounting for Uncertain Tax Provisions in 2007 and the potential impact from this adoption is not included in this guidance. Wall Street analysts have a consensus earnings estimate of $2.

05 per share for the year 2007. The company's reported operating profit for fiscal 2007 is estimated to grow 2% to 4%. Pepsi Bottling also expects its worldwide physical case volume to grow 1% to 2% in 2007 on a constant territory basis.

The company also projects that U.S. volume would be flat to up 1% in 2007.

Further, reported net revenue per case is forecast to improve 3% to 4% globally and four percent-plus in the U.S. Additionally, Pepsi Bottling sees a 6% rise in 2007 cost of goods sold per case and a 4% to 5% upside in selling, distribution and administration expenses.

For fiscal 2007, the company' interest expense is anticipated to be about $300 million with an effective tax rate of 33.5% to 34%. Operating free cash flow would be in line with operating profit growth, the company added.

Q3 Highlights For the third quarter, the bottler reported net income of $207 million, or $0.86 per share, compared to $205 million, or $0.82 per share in the third quarter 2005.

Revenues for the quarter reached $3.46 billion, up from $3.21 billion in the same quarter of last year.

Analysts expected earnings of $0.80 per share, on revenues of $3.41 billion.

While announcing the third-quarter earnings on October 26, Coca-Cola Enterprises Inc. ( | | | ) said it now expects full-year 2006 comparable earnings per share between $1.25 and $1.

28, compared to its prior guidance of $1.27 - $1.32.

Analysts estimate $1.27 per share for fiscal 2006. PBG closed Tuesday's regular trading session at $31.

65, down $0.19, on a volume of 1.39 million shares.

In Pre-Market, the company's shares are down 2.05% or $0.65 to $31.

00.