Coca-Cola Enterprises Inc., the bottler of Coca-Cola and its other soft drinks, announced fourth-quarter adjusted income rose to 142 million dollars. Excluding a restructuring charge, debt extinguishment costs and a tax benefit, net income was 29 cents per share, above the mean estimate of analysts polled by Thomson Financial of 27 cents per share.
On a net basis, the company earned 158 million dollars, or 32 cents per share, compared with a year-earlier loss of 1.71 billion dollars, or 3.59 dollars per share. The prior-year period included a non-cash impairment charge of 2.9 billion dollars, or 3.80 dollars per share.
Results were helped by volume and price growth in North America and Europe, lower operating expenses and a favorable tax rate, the company said.
A year earlier, the company posted adjusted income of 95 million dollars, or 20 cents per share.
Net operating revenue for the Atlanta-based beverage provider rose 10.5% to 5.3 billion dollars from 4.79 billion dollars a year earlier. Analysts, on average, estimated revenue of 5.14 billion dollars.
Coca-Cola Enterprises claimed its North America operations achieved comparable volume growth of 1% in the fourth quarter, and Europe achieved comparable volume growth of 4.5% in the quarter.
For 2008, the company expects revenue to increase in a high-single digit range and expects operating income to increase at the high end of its long-term target range of 5% to 6%.
Analysts, on average, forecast 2008 earnings of 1.52 dollar per share on revenue of 22.25 billion dollars.
Shares closed Monday at 23.49 dollars.
The German press came to the conclusion that Russia's Zircon missile sea-launched complex represents a real threat to warships of different countries
On January 15, it was reported that the Russian government began to develop sanctions against several officials at the World Anti-Doping Agency (WADA)