US: Coca-Cola Enterprises lifts earnings guidance
- Comparable earnings per share to be higher
- Currency could damage net earnings
CCE confident on FY
Coca-Cola Enterprises has said that it expects full-year earnings to be slightly higher than previously forecast.
Earnings per share in 2010 are expected to rise by between 10% and 12%, excluding the impact of currency, Coca-Cola Enterprises (CCE) said yesterday (15 June). The firm had previously forecast a 10% increase.
However, earnings lost through currency translations during the year could be much worse than originally expected.
Current exchange rates would wipe US$0.10 off the soft drinks bottler's 2010 earnings per share. The group predicted in April that currency would only take $0.02 off full-year earnings per share.
CCE said that improving consumer demand was the main reason for it increasing comparable earnings guidance.
"A strong first quarter, coupled with positive second quarter trends, in-line expectations in North America and a modestly improving outlook in Europe, give us increased confidence in the full year outlook,” said group chairman and CEO John Brock.
“Outstanding field level execution of key strategies and initiatives is helping counter persistent economic weakness in our territories,” he said.
The Coca-Cola Co's deal to acquire CCE's North America business remains on-track, he added, speaking at the Deutsche Bank Global Consumer Conference in Paris.
The second round-up in our Review of the Year series sees Ben Cooper consider a busy 12 months for our soft drink brethren....
Coca-Cola Enterprises has confirmed an addition to its board of directors....
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