Coca-Cola Enterprises 3Q Profit Up 15 Percent

ATLANTA (AP) — Soft drink bottler Coca-Cola Enterprises on Wednesday said profit rose 15 percent in the third quarter as rising prices padded soft sales.

Results beat estimates and the company boosted its full-year outlook.

The Atlanta-based bottler, Coca-Cola Co.'s biggest, earned $247 million, or 50 cents per share, in the three-month period ended Oct. 2. In the same period last year, the company earned $214 million, or 44 cents a share.

Analysts expected the company to earn 46 cents a share, according to Thomson Reuters. Analyst estimates typically exclude one-time items.

Revenue in the most recent quarter fell 3 percent to $5.57 billion from $5.74 billion. Analysts had expected $5.71 billion in revenue.

North American revenue fell 4 percent and European revenue fell 1 percent. Foreign currency dragged down results by 3 percent. A strong U.S. dollar weighs on foreign sales because they convert back to fewer dollars.

Worldwide volume fell 6.5 percent, though pricing per case rose 7.5 percent. Volume in the U.S. fell 10 percent due to the comparison to last year's third quarter, which included Olympic-related promotions that drove growth. Consumers have been limiting their spending on soft drinks amid the recession, while also gravitating toward juices and teas.

Volume in Europe grew 4 percent in the quarter, driven from growth in Coca-Cola trademark brands.

The company raised its 2009 earnings per share estimate above expectations.