Excluding items affecting comparability, second-quarter 2010 net income was $405m or 79 cents per diluted share.
Key second-quarter operating factors include solid European volume growth and in North America, modest volume growth, improved pricing trends, and lower cost of goods per case. In addition, efficiency and effectiveness initiatives contributed benefits in all territories.
In the quarter, total revenues declined ½% and comparable operating income increased 18%. Excluding a negative currency impact, total revenue increased 1% and comparable operating income increased 21%. Comparable second-quarter EPS results include a negative currency impact of approximately three cents.
“These results reflect strong day-to-day execution of key strategies and operating initiatives and our commitment to deliver against our full year objectives,” said John F Brock, chairman and CEO. “As we work to complete our transaction with The Coca-Cola Company and meet the challenges of weak macroeconomic conditions, we continue to focus on driving value for our customers, our consumers, and our share owners.
“The success of these efforts has enabled us to increase our expectations for the year, with comparable earnings per share growth now in a range of $1.73 to $1.77 after including a negative currency impact of approximately six cents per share. In addition, the transaction with The Coca-Cola Company remains on-track to close during the fourth quarter.”
Read the full Coca-Cola Enterprises statement at this link.
Source: Coca-Cola Enterprises
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