(Coca-Cola Enterprises article updated with stock price movement)
ATLANTA, Ga. (
swung to a fourth-quarter profit and confirmed it plans to repurchase up to $600 million of its common stock by the end of 2010.
However, for full-year 2009, the company's comparable North American volume declined 5%. A sell-off in the stock occurred Wednesday, after Coca-Cola Enterprises released its earnings report. Coca-Cola Enterprises is trading down 3.4% at $19.60.
For 2010, Coca-Cola Enterprises expects operating income will increase in a mid to high single-digit range, driven by mid single-digit growth in both Europe and North America. Revenue should increase at a low single-digit rate, driven by mid single-digit growth in Europe and essentially flat revenue in North America. Comparable earnings per diluted common share will increase at a high single-digit rate, excluding currency. The company also expects strong free cash flow of about $800 million.
Coca-Cola Enterprises reported fourth-quarter net income of $110 million, or 22 cents a share, compared with a year-earlier loss of $1.5 billion, or $2.99 a share, the previous year. It posted net operating revenue of $5.1 billion vs. $5.2 billion the year before.
A poll of analysts by Thomson Reuters arrived at a fourth-quarter earnings estimate of 20 cents a share.
-- Reported by Andrea Tse in New York
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