Coca-Cola Enterprises Inc. (CCE) said that it now expects full-year 2009 comparable earnings to be in a range of $1.56 - $1.59 per share, including negative foreign currency impact of 14 to 15 cents and excluding items affecting comparability. Earlier, the company had expected comparable earnings to be in a range of $1.54 to $1.57 per share.
Excluding the impact of currency, revenue for fiscal 2009 will increase in a low to mid single-digit range and after including the impact of currency will decline slightly on a reported basis. Previously, the company had expected, excluding the impact of currency, revenue to increase in a low to mid single-digit range and decline slightly on a reported basis.
Analysts polled by Thomson Reuters expect the company to report earnings of $1.57 per share on revenues of $21.76 billion for fiscal 2009. Analysts' estimates typically exclude special items.
The company said that it will resume its existing share repurchase programs and expects to complete the purchase of shares totaling $600 million by the end of 2010. In addition to the share repurchase program, the company will seek consistent annual dividend increases. CCE has doubled its dividend per share since 2006 and is currently paying an annualized dividend of 32 cents per share, a 14 percent increase over prior year.
For 2010, the company expects operating income will increase in a mid to high single-digit range, driven by mid single-digit growth in both Europe and North America. Revenue should increase at a low single-digit rate, driven by mid single-digit growth in Europe and slight growth in North America.
Comparable earnings per share will increase at a high single-digit rate, excluding currency. Though it is too early to accurately evaluate 2010 currency impact, at current rates, currency would add approximately 4 cents of EPS favorability.
Analysts expect the company to report earnings of $1.77 per share on revenues of $22.56 billion for fiscal 2010.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.