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Coca-Cola Enterprises, Inc. Provides Business Update And 2013 Guidance

Stocks in this article: CCE

Coca-Cola Enterprises (NYSE/Euronext Paris: CCE) today affirmed diluted earnings per share guidance for full-year 2012 in a range of $2.20 to $2.24, with results expected at the high end of the range. Also, the company expects to achieve 2013 earnings per diluted share growth of approximately 10 percent on a comparable and currency neutral basis.

“Our 2012 results will reflect our ability to deliver solid earnings growth by closely managing each aspect of our business and continuing world class marketplace execution in difficult operating conditions,” said John F. Brock, chairman and chief executive officer. “Going forward, we will rely on our global operating framework, our successful brands, increased effectiveness through our business transformation effort, and the skill and dedication of our employees.

“These elements of our work are essential to our success, and ultimately will enable us to continue to achieve our most important goal – creating increased value for our shareowners.”

2012 OUTLOOK

For 2012, CCE expects comparable earnings per diluted share in a range of $2.20 to $2.24, with results expected at the high end of the range, including the negative impact of currency translation. Currency translation will decrease full-year comparable earnings per diluted share approximately 7½ percent. Net sales and operating income are expected to grow in a low to mid-single-digit range. Our outlook for earnings per diluted share, net sales, and operating income is comparable and includes the impact of the French excise tax increase. Net sales and operating income guidance is also currency neutral.

Based on recent currency rates, the company now expects 2012 free cash flow of approximately $500 million, with capital expenditures of approximately $375 million. Weighted average cost of debt is expected to be approximately 3 percent and the comparable effective tax rate for 2012 is expected to be in a range of 26 percent to 27 percent.

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