On an adjusted basis, Pepsi Bottling earned $0.30 per share. This beat the consensus belief by five pennies. Not a bad margin. But this wasn't a completely awesome report, please keep in mind. For one thing, cash from operations decreased. For another thing, total worldwide physical case volume on a global basis decreased 7%. And currency translations are taking their toll. As can be seen, Pepsi Bottling is having trouble growing along with everyone else. In fact, this article talks about how the company will raise prices next Labor Day and experiment with different pricing strategies aimed at customers who want to save money in these trying times. Pepsi Bottling has a good portfolio behind it, but when one takes into account the weak consumer, it's easy to understand why the company has a challenging fiscal year ahead of it.

Shares of Pepsi Bottling may be a value right now, considering the sort-of rich dividend yield. In addition, it's not hovering around a 52-week low, which, in this case, implies a little bit of resilience to me. However, I'd rather own a PepsiCo (NYSE: PEP) or a Coca-Cola (NYSE: KO) instead of a bottler such as Pepsi Bottling or Coca-Cola Enterprises (NYSE: CCE), since bottlers have a more complex business model. If you happen to believe that Pepsi Bottling is indeed a value, then I see no reason why you shouldn't check out the syrup-concentrate sellers first.

Disclosure: I own Coke; positions can change without notice.