PepsiCo Inc

backed its outlook for 2010 and said it expects earnings per share to rise at a low-double-digit rate on an constant-currency basis in 2011 and 2012.

The soft-drink maker, which just closed its purchase of bottlers Pepsi Bottling Group and PepsiAmericas Inc, said it expects earnings per share to grow 11 percent to 13 percent this year on a constant-currency basis.

Pepsi archrival Coca-Cola Co surprised Wall Street last week with a similar move to buy the North American operations of bottler Coca-Cola Enterprises Inc .

In an interview with CNBC on Monday, Pepsi Chief Executive Indra Nooyi said the old model of having bottlers separate from the main syrup company was a relic of the past.

Combining bottlers with the main franchise will help the companies compete better in a U.S. beverage industry where the profit pool is not growing enough to feed the companies, Nooyi told the business news channel.

The new model will also give the beverage makers more flexibility while distributing new products, she said.

Nooyi said she was optimistic about Pepsi's prospects following the completion of the bottler deals, but added she was worried about the next 12 to 18 months, considering weak U.S. consumer confidence levels amid high jobless rates.

Pepsi shares were up 1 percent at $63.18 in early trade.

(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn and John Wallace)

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