Coca-Cola Enterprises Q3 Profit Slips, Backs 2014 Earnings Outlook - Quick Facts

(RTTNews) - Coca-Cola Enterprises, Inc. (CCE) reported that third-quarter net income decreased to $238 million or $0.96 per share from $289 million or $1.07 per share in the year-ago period.

On a comparable basis, earnings for the quarter was $0.92 per share, compared to $0.82 per share in the prior-year quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 1.5 percent to $2.14 billion from $2.17 billion in the year-ago period. Analysts expected revenue of $2.22 billion for the quarter. On a currency neutral basis, net sales decreased 3.5 percent.

Looking ahead to fiscal 2014, CCE continues to expect comparable and currency-neutral earnings per share to grow about 10 percent. Based on recent rates, currency translation would benefit full-year 2014 earnings per share by about 3 percent. Net sales is now expected to to be essentially flat on a comparable and currency-neutral basis, down from the prior projection for a growth in a low single-digit range.

Street is currently looking for full-year 2014 earnings of $2.86 per share on revenues of $8.46 billion.