The past few years people have been moving away from soft drinks in lieu of healthier drinks such as juices and teas, and this has definitely been hurting PepsiCo. The company hopes that plans to buy up 2 of its bottling companies will help it become more versatile and able to react quicker to changing market trends.

It is in the process of trying to work out deals with Pepsi Bottling Group (NYSE: PBG) and PepsiAmericas (NYSE: PAS), but so far the bottling companies are not interested. In April PepsiCo made an offer of $6 billion to acquire the companies, but that offer was firmly rejected as the companies argued that it undervalued their business.

Perhaps we may hear a little more about this in the question/answer segment of the company's earnings call in the morning.

We will also be looking to hear about the company's international business. PepsiCo views international business as a key ingredient to its future, and recently announced that it would be investing an additional $1 billion in Russia over the next three years. This will raise its stakes in the country to a total of $4 billion. This comes of the heels of its decision last year to pump $1 billion into the Chinese market over a 4 year period.

Michael Branca, an analyst from Barclays, wrote that he is expecting to see earnings weighed down by its North American business, but is looking for strong numbers for the company's Frito-Lays business. He points to continued declines in sales for the company's Gatorade and Tropicana products.

We will get to see just how well the company was able to perform tomorrow morning, and we will post the results as soon as they are available. What are your predictions? An estimate topping quarter, or do you think PepsiCo may come up flat this time around? Let us hear your predictions.