US: Coca-Cola Enterprises expects "solid" FY growth
Coca-Cola Enterprises said operating expectations for both 2010 and 2011 "meet or exceed" its long-term growth targets
Coca-Cola Enterprises (CCE) has reaffirmed its full-year earnings and sales guidance and said it expects to produce "solid growth" in 2010.
In a trading update today (17 December), the firm said it expects comparable and pro forma earnings per common share in the range of US$1.74 to $1.78, reflecting a "solid business performance and outlook". Pro-forma revenue is expected to be around $7.4bn with operating income just over $900m.
"Our business continues to deliver strong results and create a positive environment for growth in 2011 and beyond," said John Brock, chairman and CEO. "Our operating expectations for both 2010 and 2011 meet or exceed our long-term growth targets, with our 2011 earnings per share outlook ahead of target as a result of share repurchase."
CCE said it has started its previously-disclosed share repurchase plan and expects to buy back around $200m in shares by the close of the fourth quarter. The firm has a target of repurchasing around $1bn of its shares by the end of the first quarter 2012.
Looking ahead to 2011, CCE said it expects earnings per share to grow in a range of 10% to 12%, with mid single-digit revenue growth.
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