Coca-Cola European Partners Reports Q3 Operating Profit Of €405 Mln

(RTTNews) - Coca-Cola European Partners plc (CCEP) reported that its third-quarter operating profit was €405 million; pro forma comparable operating profit was €459 million, up 2.0 per cent or up 7.0 per cent on a pro forma comparable and fx-neutral basis.

Third-quarter earnings per share were €0.67 on a reported basis or €0.66 on a pro forma comparable basis, including a negative currency translation impact of €0.03.

Third-quarter 2016 reported operating expenses totaled €756 million, up 90.5 per cent vs. prior year, reflecting the inclusion of Germany and Iberia in the quarter. Pro forma comparable operating expenses were €701 million, down 1.5 per cent, or up 1.5 per cent on a pro forma comparable and fx-neutral basis. This includes the impact of volume growth and expense timing, partially offset by the early benefits of restructuring.

Third-quarter 2016 reported revenue totaled €3.0 billion, up 82.5 per cent vs. prior year, reflecting the inclusion of Germany and Iberia in the quarter. Pro forma comparable revenue was flat, or up 3.5 per cent on a pro forma comparable and fx-neutral basis. Revenue per unit case was down 0.5 per cent on a pro forma comparable and fx-neutral basis. Volume grew 3.5 per cent on a pro forma basis. These results reflect favourable weather conditions, the benefits of marketing and brand initiatives, execution, and our focus on driving top-line growth.

CCEP affirmed its full-year guidance for 2016, including flat revenue growth, modest mid-single-digit operating profit growth, and earnings per share growth in a mid-teen range, all on a pro forma comparable and fx-neutral basis. After including an expected negative currency impact of approximately 4.5 per cent, pro forma comparable earnings per share is expected in a range of €1.86 to €1.90.

CCEP remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.