Coca-Cola Enterprises ( CCE), Coca-Cola's bottling division, reported a huge gain in first-quarter profit and forecast a better-than-expected full-year outlook, sending shares up in afternoon trading. Earnings during the quarter reached $61 million, or 13 cents a share, from $8 million, or 2 cents, in the first quarter of last year. Excluding one-time items, earnings were 20 cents a share. Analysts were expecting a profit of 5 cents. Last week PepsiCo ( PEP) announced plans to take control of its two biggest bottlers, a move that could smooth distribution and boost its bottom line. The company offered to pay $6 billion for majority stakes in Pepsi Bottling ( PBG) and PepsiAmericas ( PAS). The company already owns 33% and 43% of the companies, respectively. The announcement has led investors to believe that Coca-Cola will also try to buy its bottlers, especially if the move turns into a positive for Pepsi. Coca-Cola Enterprises saw revenue rise 3% to $5.05 billion from $4.89 billion a year ago. The company expects 2009 earnings in the range of $1.24 to $1.29 a share, which includes a negative impact of 20 cents a share as overseas sales are expected to be hurt by the stronger dollar. Coca-Cola previously forecast that its profit would grow by mid-single digits. By mid-afternoon Tuesday, shares in the company had climbed 5% to $15.90.