Coca-Cola Enterprises Q2 profit up 14%
Bottler Coca-Cola Enterprises Inc. reported an increase in second-quarter profit, as lower costs more than offset a marginal decline in revenue.
Coca-Cola Enterprises' (CCE) second-quarter net income improved to $356 million or $0.69 per share from $313 million or $0.64 per share last year. The latest results included market commodity hedges, restructuring charges and transaction-related costs, while in the prior year, results included restructuring charges. In the first quarter, net earnings totaled $106 million or $0.21 per share, according to a news release. In the just concluded quarter, European revenue grew 5%, while in North America, revenue increased 0.5%. The previously announced transaction with The Coca-Cola Company is on track to close in the fourth quarter of 2010. As disclosed, The Coca-Cola Company will acquire the North American business. At the same time, CCE’s European operations will be split-off and will acquire The Coca-Cola Company’s bottling operations in Norway and Sweden. (bmg)
