US: CCE posts rising Q3 earnings
Coca-Cola Enterprises has reported rising profits during its third quarter.
The company, the world's largest Coke bottler, said today (26 October) that net income for the three months to 30 September reached US$213m, compared with $192m a year earlier. Revenues rose 6% to $5.2bn.
The company was hurt by higher aluminium prices and continued weakness in the North American carbonates market. CCE saw carbonates volumes in North America fall 1%.
Volumes in Europe, however, rose 5% thanks to a "successful" UK launch of Coca-Cola Zero and higher sales around this summer's football World Cup in Germany.
"This quarter's disappointing performance illustrates the urgency of our work to develop strategies and practices that will allow us to consistently deliver improved operating performance," said John Brock, president and CEO.
"This work includes significantly strengthening and expanding our product portfolio, improving our go-to-market business model, and driving higher levels of operating efficiency and effectiveness."
Brock added: "We are working aggressively to strengthen results in North America for the remainder of this year, and believe recent marketplace efforts, including a price increase and initiatives to drive cold drink growth, will generate improved financial results in the fourth quarter. We are also building on an encouraging performance in Europe despite persistent CSD category weakness in Great Britain."
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