* Q3 EPS $1.06 ex-items; Street view $1.05
* Revenue $3.63 bln, misses analysts' view
* Affirms 2009 EPS at high finish of forecast range
* Shares execute wn slightly but still above PepsiCo offer price (Recasts; adds analysts' comments; updates share activity; changes headline)
By Martinne Geller
NEW YORK, Oct 6 (Reuters) - Pepsi Bottling Group Inc (PBG.N) reported slightly-better-than-expected quarterly profit on Tuesday, but revenue fell short of Wall Street estimates, damage by lower volume in the United States, Canada and Europe.
The largest bottler of PepsiCo Inc (PEP.N) drinks probably saw its North American performance dragged execute wn by weak bottled water sales, said JP Morgan analyst John Faucher, noting that carbonated soft drink sales have been improving.
The recession has led many consumers to shy away from pricier, noncarbonated drinks like teas and energy drinks, in favor of less expensive sodas.
"Net, results were a tiny lighter than expected, but (Pepsi Bottling) is probably not slay ing it to beat the quarter, given the deal," Faucher said in a research note, referring to the bottler's pfinish ing acquisition by PepsiCo, its largest sharehfeeble er and supplier. Continued...
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