Coca-Cola Enterprises (NYSE/Euronext Paris: CCE) today affirmed earnings per share guidance for full-year 2011 in a range of $2.14 to $2.18, with results expected at the higher end of the range. Also, the company expects to achieve 2012 earnings per diluted common share growth in a range of 10 percent to 12 percent on a comparable and currency neutral basis.
“For both 2011 and 2012, our outlook calls for growth at or above our long-term targets, demonstrating our ability to execute successfully and realize the long-term potential of our territories,” said John F. Brock, chairman and chief executive officer. “While we continue to face challenges as a result of sustained macroeconomic weakness, we believe our strategies and our successful brand portfolio will continue to create value for consumers, for customers, and ultimately, for our shareowners.
“This growth, driven by the skill and dedication of our employees and a solid commitment to increasing effectiveness and enhancing customer service, will, over time, enable us to achieve our most important goal – creating increased value for our shareowners,” Mr. Brock said.
2011 OUTLOOKCCE now expects earnings per diluted common share at the high end of the range of $2.14 to $2.18. This includes a currency benefit of approximately 15 cents to full-year earnings per share based on recent rates. Revenue is expected to grow in a mid single-digit range, with expected operating income growth in a high single-digit range. Full-year cost of goods sold per case is expected to increase approximately 3 percent to 3½ percent. Though gross margins are expected to be down modestly for the full year, operating margins are expected to be up modestly for the full year. This outlook is comparable, currency neutral, and relative to 2010 pro forma financials. We also expect free cash flow of approximately $525 million, with capital expenditures of approximately $375 million. Weighted average cost of debt is expected to be approximately 3 percent and the effective tax rate for 2011 is expected to be in a range of 26 percent to 27 percent.
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