Coca-Cola Sales Jump Nearly 9 Percent in 2Q
ATLANTA (AP) — Coca-Cola Enterprises Inc. on Thursday reported earnings that rose by 8.8 percent in its second quarter.
Adjusted profit topped analysts' expectations, but revenue fell short of Wall Street's view.
The Atlanta-based company said profit increased to $198 million, or 78 cents per share, from $182 million, or 66 cents per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, were 90 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 88 cents.
The seller of Coca-Cola drinks in Europe said revenue rose 8.2 percent to $2.33 billion from $2.16 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $2.35 billion, according to Zacks.
The company reiterated its forecast for about a 10 percent increase in 2014 earnings per share. Sales are still expected to rise by a low single-digit percentage.
Coca-Cola Enterprises' shares added 2 cents to $48.78 in midday trading. The stock has climbed $4.63, or 10 percent, to $48.76 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.5 percent. The stock rose $11.26, or 30 percent, in the last 12 months.