Coca-Cola Enterprises' 3Q Earnings Fall Short of Expectations
(AP) — NEWS: Coca-Cola Enterprises' third-quarter net income increased nearly 10 percent on improved sales volume and slightly higher prices. Still, the bottler that operates in Western Europe fell short of market expectations and its shares slipped more than 4 percent.
DETAILS: The Atlanta company cited macroeconomic challenges, including weak consumer spending. Better marketing and weather helped to drive a 2.5 percent increase in volume, however. And pricing per case increased one-half of a percent.
NUMBERS: Coca-Cola Enterprises' net income jumped to $289 million, or $1.07 per share, for the quarter from $263 million, or 89 cents per share, last year. After adjusting for restructuring charges and other special items, it earned 82 cents per share versus 71 cents per share.
Revenue rose to $2.2 million from $2.1 million.
Analysts polled by FactSet were anticipating earnings of 80 cents per share on revenue of $2.16 billion.
FUTURE: The company said that it continues to expect its earnings for the year to fall in the upper half of its previously stated range of $2.45 to $2.50 per share. Analysts polled by FactSet were anticipating earnings of $2.49 per share.
STOCK: Coca-Cola Enterprises Inc. fell $1.93, more than 4 percent, to $40.54 by midmorning. Its stock price is up more than 37 percent from this time last year.