US: Coca-Cola Enterprises ups EPS guidance for 2010
Coca-Cola Enterprises sees its transaction with The Coca-Cola Co close by the end of 2010
Coca-Cola Enterprises has raised its full-year profits guidance for this year.
The US-based bottler, which is set to sell its North American operations to The Coca-Cola Co later this year, said today (7 September) that it expects its full-year 2010 earnings per share to come in between US$1.78 and $1.82 including a negative currency impact of around $0.07 at current levels. In July, when CCE released its H1 results, the company issued guidance of between $1.73 and $1.77 for the full-year.
“On a comparable and currency neutral basis, the company now expects Europe to achieve high single-digit to low double-digit operating income growth,” CCE said. “Operating income in North America is expected to grow at a mid to high single-digit rate. Also, on a comparable and currency neutral basis, the company now expects Europe to achieve mid single-digit revenue growth, while in North America revenue is expected to be approximately flat.”
Going forward, CCE said it is targeting revenue growth of 4% to 6%, operating profits growth of 6% to 8% and earnings per share growth in a high single-digit range on “a long-term basis”.
The company also said today that it expects the transaction with TCCC to close in the fourth quarter of this year. Following completion, which is still awaiting anti-trust approval in the US and Canada, CCE is looking to buy back in the region of $1bn-worth of shares within 18 months of closure. It is also looking to pay an annual dividend of $0.50 per share.
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