Coca-Cola Enterprises, Inc. (NYSE: CCE)(Euronext Paris: CCE) today reported second-quarter diluted earnings per share of 66 cents on a reported basis, or 77 cents on a comparable basis. Currency translation had a positive impact of approximately 1 cent per share compared to second-quarter 2012. Second-quarter reported net income was $182 million, or $213 million on a comparable basis. Items affecting comparability are detailed on pages 10 through 13 of this release.
For the second quarter, net sales totaled $2.2 billion, a decline of 2½ percent from the same quarter in 2012 on a reported basis, or 3 percent on a currency neutral basis.
Second-quarter reported operating income totaled $272 million, a decline of 9½ percent. Comparable operating income totaled $314 million, a decline of 5 percent on a comparable and currency neutral basis.
“Our first half results were impacted by headwinds in the operating environment and marketplace that also have impacted our full-year outlook,” said John F. Brock, chairman and chief executive officer. “These factors include ongoing macroeconomic weakness, poor weather, continuing customer challenges from the impact of the French excise tax increase last year, and the competitive environment in Great Britain. Recent weather improvements and a solid summer program have helped restore growth in our business as we begin the third quarter, although much of the key summer selling season is still ahead of us,” Mr. Brock said.“Our focus remains on our ultimate objective – delivering growth in shareowner value. To that end, and given the sustained impact of these issues in the operating environment, we continue to evaluate each element of our company to improve our growth outlook. We will also utilize all available business levers, including our solid free cash flow and strong balance sheet to continue returning cash to shareowners through our share repurchase program and dividends,” Mr. Brock said.
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