EUR: Coca-Cola Enterprises nine-month profits climb
- Nine-month profits climb by 20.7% to US$636m
- Operating profits increase by 26% to $853m
- Sales reach $6.39bn, a 30% increase on last year
- Third-quarter net profits climb by 36.5% to $584m
Coca-Cola Enterprises saw its profits climb in Q3
Coca-Cola Enterprises (CCE) has recorded an increase in profits in the first nine months of 2011, partially driven by consumer demand for energy drinks.
For the nine months to the end of September, net profits climbed by 20.7% to US$636m, while operating profits increased by 26% to $853m, the company said today (27 October). Sales reached $6.39bn, a 30% increase on last year.
For the third-quarter, net profits climbed by 36.5% to $584m, while operating profits increased by 35.2% to $330m. Sales in the period reached $2.14bn, a 27.4% increase on the prior-year period.
Third-quarter volumes grew by 1%, reflecting the impact of challenging weather conditions early in the quarter, the bottler said.
CSD volumes across all territories was up by 2.5%, and there was “continued growth in energy”, which was up by around 35%, benefiting from growth in Monster brands and the introduction of Powerade Energy.
“Our business continues to generate solid results, driven by outstanding execution, increasing effectiveness, and cost control,” said CCE's chairman and CEO, John Brock. “By maintaining our focus on our key operating strategies, we were able to work through a challenging quarter, and we are on track to deliver against our improved full-year guidance.”
For 2011, CCE said it expects comparable diluted EPS in a range of $2.14 to $2.18, including a currency benefit of around 15 cents at recent rates.
Click here to view the earnings release.
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