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Coca-Cola Enterprises, Inc. Reports Third-Quarter 2012 Results

Stocks in this article: CCE

Coca-Cola Enterprises, Inc. (NYSE: CCE)(Euronext Paris: CCE) today reported third-quarter 2012 diluted earnings per share of 89 cents on a reported basis and 71 cents on a comparable basis. Reported and comparable operating income for the quarter totaled $306 million. Operating income declined 1 percent on a comparable and currency neutral basis versus third-quarter 2011 results. Currency translation negatively affected third-quarter 2012 comparable earnings per diluted share by 6 cents, or 8½ percent. Pages 12 through 16 of this release detail items affecting comparability.

Net sales in the third quarter totaled $2.1 billion, a decline of 3½ percent from the same quarter a year ago on a reported basis, up 4½ percent on a currency neutral basis, and up 2½ percent on a currency neutral basis excluding the impact of the French excise tax increase.

“We continue to manage each element of our business, including our operating plans, operating costs, and our balance sheet, to drive growth even as we face the challenges of ongoing macroeconomic weakness,” said John F. Brock, chairman and chief executive officer.

“Going forward, dynamic and persistent marketplace challenges will demand even greater efficiency, flexibility, and effectiveness,” Mr. Brock said. “We are committed to taking the steps necessary, such as our Business Transformation Program, to continue to serve customers and consumers at the highest levels, grow our business, and create long-term shareowner value.”

OPERATING REVIEW

CCE achieved third-quarter volume growth of ½ percent. This reflects improved weather trends in August and September, offset by the impact of the French excise tax increase and ongoing challenging macroeconomic conditions. A key factor in these results was a low single-digit decline in sparkling beverages, including declines in regular Coca-Cola, partially offset by double-digit growth in Coca-Cola Zero, a modest increase in sparkling flavored beverages, and double-digit growth in energy drinks.

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