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Coca-Cola Enterprises, Inc. Reports Third-Quarter 2013 Results

Stocks in this article: CCE

Coca-Cola Enterprises, Inc. (NYSE: CCE)(Euronext Paris: CCE) today reported third-quarter diluted earnings per share of $1.07 on a reported basis, or 82 cents on a comparable basis. Currency translation had a positive impact of approximately 2 cents per share compared to the same quarter a year ago. Third-quarter reported net income was $289 million, or $221 million on a comparable basis. Items affecting comparability are detailed on pages 10 through 13 of this release.

Net sales totaled $2.2 billion, up 5 percent on a reported basis, or up 2½ percent on a currency neutral basis. Third-quarter reported operating income totaled $314 million, an increase of 2½ percent. On a comparable basis, operating income totaled $320 million, an increase of 4½ percent, or 2 percent on a comparable and currency neutral basis.

“Our return to volume growth in the quarter was driven by our operating strategies, customer and consumer support of our brands, and beneficial weather,” said John F. Brock, chairman and chief executive officer. “While we are pleased to return to volume growth, we continue to face persistent macroeconomic headwinds, a challenging consumer and customer environment, and dynamic competitive conditions that are impacting our near-term outlook.

“Long term, we are focused on growth opportunities and realizing the value of our diversified brand portfolio, executing at the highest levels every day, and effectively managing each lever of our business,” Mr. Brock said. “We remain fully committed to our ultimate objective – creating growth in shareowner value.”

OPERATING REVIEW

In the third quarter, volume increased 2½ percent, reflecting improved weather and ongoing marketing initiatives, including the ‘Share a Coke’ campaign. Sparkling drinks grew approximately 4 percent, including growth of 5 percent for Coca-Cola trademark brands. This includes growth of 4 percent for Coca-Cola and 23 percent for Coca-Cola Zero. CCE’s portfolio of energy brands grew 15 percent, driven by growth of Monster and Relentless brands. Still beverages declined 5 percent, including a 6 percent decline in water, lapping growth of 21 percent in the same quarter a year ago. Total volume in Great Britain grew 3 percent, and volume in continental Europe (including Norway and Sweden) increased 2½ percent.

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