US: Coca-Cola Enterprises sees losses become profits in Q2

Coca-Cola Enterprises has reported a swing back into the black for its net profits in its latest quarter.

The soft drinks company said today (29 July) that net profits in the three months to the end of June came in at US$313m, comparing favourably to a net loss of $3.16bn in the corresponding period a year earlier. Coca-Cola Enterprises (CCE) noted, however, that the net loss in the same quarter last year had been impacted by net unfavourable items totalling $3.4bn, versus only $15m this quarter.

Net sales in the second quarter were flat, down by only 0.5% at $5.91bn. Operating profits hit $549m, compared to an operating loss a year earlier of $4.78bn.

"We have responded to macroeconomic conditions with solid brand and marketplace initiatives, including enhancements to our price/package architecture, and successful execution of efficiency and effectiveness programs," said CCE's chairman and CEO, John Brock.

"Our continued success will demand diligence in our revenue and brand building efforts, even stronger execution, and an absolute commitment to cost control. We continue to work closely with The Coca-Cola Co. to enhance the synergy of our system and achieve consistent, balanced growth."

The company said it expects full-year comparable 2009 earnings per diluted common share to be in the range of $1.44 to $1.49, up from the $1.24 to $1.29 range forecast in May.

For the official statement from CCE, click here.

For CCE's Q1 results, click here.

An update, with further comments following the company's webcast, appears here..