Coca-Cola Enterprises Q3 Results Top Estimates; Affirms FY Comparable EPS View

(RTTNews) - Coca-Cola Enterprises, Inc.'s (CCE) third-quarter reported net income increased to $289 million, or $1.07 per share, from $263 million, or $0.89 per share, reported a year back. On a comparable basis, non-GAAP profit totaled $221 million, or $0.82 per share in the recent third quarter. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.80 for the quarter. Analysts' estimates typically exclude one-time items.

For the tri-monthly period, net sales totaled $2.17 billion, up 5 percent on a reported basis, or up 2.5 percent on a currency neutral basis from last year's $2.07 billion, driven by a 2.5 percent volume growth and a net pricing per case increase of 0.5 percent. Nine analysts estimated revenues of $2.16 billion for the quarter.

For 2013, CCE affirmed its comparable earnings per share view in the upper half of a range of $2.45 - $2.50, including a currency benefit of around 1.5 percent at recent rates. Thirteen analysts anticipate annual earnings per share of $2.49.

In addition, CCE said it would buy back at least $1 billion of its shares in 2013, with a year-end net debt to EBITDA ratio within its long-term range of 2.5 to 3 times.