Coca-Cola Net Income Up 20 Percent in 2Q
Coca-Cola Enterprises Second-Quarter Profit Surged As Pricing Improved; Net Income Jumps 20 Percent
The Associated Press
ATLANTA July 16 —
Coca-Cola Enterprises Inc., the world's largest soft-drink bottler, Wednesday said net income jumped 20 percent in its latest quarter, but the results disappointed investors.
Atlanta-based Coca-Cola Enterprises earned $260 million, or 56 cents a share, for the second quarter ended June 27, compared with $215 million, or 47 cents a share, a year ago.
The latest results included a gain of 2 cents a share from tax items and 4 cents a share from foreign currency translations.
The average estimate of analysts surveyed by Thomson First Call was for second-quarter earnings, excluding items, of 54 cents a share.
Shares of Coca-Cola Enterprises fell $1.60, or 8.2 percent, to close at $18 on the New York Stock Exchange.
Operating revenue rose to $4.62 billion from $4.23 billion.
Coca-Cola Enterprises' second-quarter results for both years benefited from the settlement of promotion programs and accruals totaling $24 million in 2003 and $22 million a year ago.
Physical case bottle and can volume increased 1.5 percent for the latest quarter, led by 7.5 percent growth in Europe.
Case sales in North America were flat compared with last year, as contributions from Vanilla Coke, Diet Vanilla Coke and Sprite Remix were offset by slower sales of other beverages.
Coca-Cola Enterprises' consolidated net pricing per case increased 2.5 percent, led by a similar growth rate North America and a 2 percent increase in Europe.
Coca-Cola Enterprises backed its prior 2003 earnings estimates of $1.15 to $1.22 a share. It said it expects better pricing and favorable foreign-exchange rates to help full-year earnings.
Wall Street expects the company's 2003 earnings to increase to $1.20 a share.
The company had operating income of $1.03 a share a year ago.
Coca-Cola Enterprises Second-Quarter Profit Surged As Pricing Improved; Net Income Jumps 20 Percent
The Associated Press
ATLANTA July 16 —
Coca-Cola Enterprises Inc., the world's largest soft-drink bottler, Wednesday said net income jumped 20 percent in its latest quarter, but the results disappointed investors.
Atlanta-based Coca-Cola Enterprises earned $260 million, or 56 cents a share, for the second quarter ended June 27, compared with $215 million, or 47 cents a share, a year ago.
The latest results included a gain of 2 cents a share from tax items and 4 cents a share from foreign currency translations.
The average estimate of analysts surveyed by Thomson First Call was for second-quarter earnings, excluding items, of 54 cents a share.
Shares of Coca-Cola Enterprises fell $1.60, or 8.2 percent, to close at $18 on the New York Stock Exchange.
Operating revenue rose to $4.62 billion from $4.23 billion.
Coca-Cola Enterprises' second-quarter results for both years benefited from the settlement of promotion programs and accruals totaling $24 million in 2003 and $22 million a year ago.
Physical case bottle and can volume increased 1.5 percent for the latest quarter, led by 7.5 percent growth in Europe.
Case sales in North America were flat compared with last year, as contributions from Vanilla Coke, Diet Vanilla Coke and Sprite Remix were offset by slower sales of other beverages.
Coca-Cola Enterprises' consolidated net pricing per case increased 2.5 percent, led by a similar growth rate North America and a 2 percent increase in Europe.
Coca-Cola Enterprises backed its prior 2003 earnings estimates of $1.15 to $1.22 a share. It said it expects better pricing and favorable foreign-exchange rates to help full-year earnings.
Wall Street expects the company's 2003 earnings to increase to $1.20 a share.
The company had operating income of $1.03 a share a year ago.
