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05.02.2014 15:25:51

Coca-Cola Enterprises Q4 Profit Up 35%, Beats View; Affirms Outlook

(RTTNews) - Coca-Cola Enterprises, Inc. (CCE), Europe's largest bottler of Coca-Cola Co. (KO) beverages, on Wednesday reported a 35 percent increase in profit for the fourth quarter from last year, reflecting higher sales and fewer restructuring charges.

Adjusted earnings per share beat analysts' expectations, while revenues matched their estimates. Looking ahead, the company affirmed its financial outlook for fiscal 2014.

The Atlanta, Georgia-based company's net income for the fourth quarter was $135 million or $0.51 per share, up from $100 million or $0.34 per share in the prior-year quarter.

The latest quarter's results include restructuring charges of $0.02 per share and tax indemnification changes of $0.01 per share. The prior-year quarter's results include, among others, mark-to-market effects of $0.02 per share and restructuring charges of $0.13 per share.

Excluding items, comparable net income for the quarter was $142 million or $0.54 per share, compared to $131 million or $0.45 per share in the year-ago quarter. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 6 percent to $2.03 billion from $1.92 billion in the same quarter last year and matched analysts' consensus revenue estimate of $2.03 billion. Sales for the quarter grew 3.5 percent on a currency neutral basis.

Volumes for the quarter grew 2.5 percent, driven by growth in Coca-Cola trademark brands, including 20 percent growth for Coca-Cola Zero, and growth in the energy portfolio. Volume in continental Europe grew 2 percent and volume in Great Britain rose 2.5 percent.

Net pricing per case declined 0.5 percent, while cost of sales per case increased 1 percent, both on a comparable and currency neutral basis.

For fiscal 2013, Coca-Cola Enterprises reported net income of $667 million, down from $677 million in the previous year. However, earnings per share rose to $2.44 from $2.25 in the prior year on lower number of weighted average shares outstanding.

Excluding items, comparable net income for the year was $687 million or $2.51 per share, compared to $679 million or $2.26 per share last year.

Net sales for the year rose 2 percent to $8.21 billion from $8.06 billion in the previous year. Revenues were up 0.5 percent on a currency neutral basis.

Analysts expected the company to report earnings of $2.49 per share for the year on revenues of $8.21 billion.

Looking ahead to fiscal 2014, Coca-Cola Enterprises affirmed its expectations for earnings per share growth of about 10 percent on a comparable and currency neutral basis, and net sales to grow in a low single-digit range.

Analysts expect the company to report earnings of $2.84 per share for the year on 5.4 percent increase in revenues to $8.66 billion.

CCE closed Tuesday's regular trading session at $42.95, up $0.82 or 1.95 percent on a volume of 3.48 million shares.

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