Coca-Cola Enterprises, Inc. (NYSE: CCE) (Euronext Paris: CCE) today reported second-quarter 2012 diluted earnings per share of 67 cents on a reported basis and 73 cents on a comparable basis. Reported operating income for the quarter totaled $301 million; comparable operating income totaled $328 million, down 11 percent on a comparable basis and down 2 percent on a comparable and currency neutral basis versus second-quarter 2011 results. Currency translation negatively affected second-quarter 2012 earnings per diluted share by 8 cents, or 10½ percent. Items affecting comparability and other pro forma adjustments are detailed on pages 11 through 15 of this release.
Second-quarter net sales totaled $2.2 billion, a decline of 8½ percent from the same quarter a year ago, flat on a currency neutral basis, and down 2 percent on a currency neutral basis excluding the impact of the French excise tax increase.
“As we face a unique combination of unfavorable weather and ongoing marketplace challenges, we continue to closely manage each element of the business to drive results and deliver against our objectives,” said John F. Brock, chairman and chief executive officer. “By executing against our strong sales and operating plans, controlling costs, and leveraging our strong balance sheet, we remain confident in our ability to create increasing value for our customers, and importantly, for our shareowners.”
OPERATING REVIEWTotal second-quarter volume declined 6 percent, reflecting unfavorable weather, the impact of the French excise tax increase, and prior year hurdles. Despite unfavorable weather throughout the second quarter, there was sequential improvement in volume growth late in the quarter. Declines were consistent in both the sparkling and still categories. Energy continued to achieve growth, up 16 percent, and Coke Zero grew 2½ percent. Total volume in Great Britain declined 4½ percent, while volume in continental Europe (including Norway and Sweden) declined 7 percent.