Coca-Cola Enterprises Q2 Profit Tops View; To Buy Back Shares

(RTTNews) - Coca-Cola Enterprises, Inc. (CCE), Europe's largest bottler of Coca-Cola Co. (KO) beverages, posted lower second-quarter reported net income of $182 million, or $0.66 a share, versus the prior-year figure of $205 million, or $0.67 a share. On a non-GAAP basis, comparable earnings amounted to $213 million, or $0.77 a share for the recent period. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.76 for the quarter. Analysts' estimates typically exclude one-time items.

For the second quarter, net sales totaled $2.2 billion, a decline of 2.5 percent from the same quarter in 2012 on a reported basis, or 3 percent on a currency neutral basis. Analysts estimated revenues of $2.22 billion for the quarter.

For 2013, CCE now expects 2013 comparable earnings per share in a range of $2.45 - $2.50, including a negative currency translation impact of less than 1 percent at recent rates. Fourteen analysts project annual earnings per share of $2.48. Full-year net sales are now expected to grow in a low single-digit range versus last year.

Also, the company expects to buy back at least $1 billion of its shares in 2013, with a year-end net debt to EBITDA ratio within its long-term range of 21/2 to 3 times.