The largest bottler of PepsiCo Inc drinks posted a fourth-quarter net loss of $271 million, or $1.28 per share, compared with a year-earlier net profit of $81 million, or 35 cents per share.

Excluding $1.58 per share in restructuring and asset impairment charges, the bottler earned 30 cents per share. Analysts on average were expecting 25 cents, according to Reuters Estimates.

Net revenue fell to $3.81 billion from $4.04 billion.

Total volume fell 7 percent in the quarter as the global economic slowdown depressed consumer spending. Volume fell 7 percent in North America and 6 percent in Europe.

Pepsi Bottling forecast 2009 earnings of $2.15 to $2.25 per share, excluding restructuring charges but including a hit of 18 cents per share from currency exchange rates. It expects revenue to grow at a low single-digit percentage rate, excluding currency fluctuations.

Analysts on average were expecting 2009 earnings of $2.27 per share on revenue of $13.87 billion, according to Reuters Estimates.

(Reporting by Martinne Geller; Editing by Lisa Von Ahn)