Coca-Cola Enterprises Affirms 2014 Earnings Growth Outlook - Quick Facts

(RTTNews) - Coca-Cola Enterprises (CCE) affirmed full-year 2014 comparable and currency-neutral earnings per share growth of about 10 percent, with an expected currency translation benefit of about 3 percent based on recent rates.

Net sales for 2014 are expected to be essentially flat and operating income is expected to grow in a low single-digit range, both on a comparable and currency-neutral basis.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.84 per share on revenue growth of 0.9 percent to $8.28 billion for fiscal 2014. Analysts' estimates typically exclude special items.

The company also now expects to repurchase $925 million of its shares in 2014 and projects year-end net debt to EBITDA ratio to be near the mid-point of its long-term range of 2.5 to 3 times.

Further, the company's board of directors authorized a new $1 billion share repurchase program. It expects 2015 share repurchases of at least $600 million and a year-end net debt to EBITDA ratio within its long-term range of 21/2 to 3 times.

Looking ahead, the company projects 2015 comparable and currency-neutral earnings per share growth in a range of 6 to 8 percent, with an expected negative currency translation impact of about 7 percent at recent rates.

Net sales and operating income for 2015 are expected to be slightly positive on a comparable and currency-neutral basis.

Street is currently looking for full-year 2015 earnings of $2.97 per share on revenue decline of 2.5 percent to $8.08 billion.