Coca-Cola Enterprises (CCE) Tops Q1 EPS by 1c

Coca-Cola Enterprises (NYSE: CCE) reported Q1 EPS of $0.41, $0.01 better than the analyst estimate of $0.40. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.55 billion.

“Throughout our territories, we continue to face an overall soft consumer environment that has limited category growth,” said John F. Brock, chairman and chief executive officer. “However, the first quarter is our smallest, and we remain confident that our marketplace strategies, innovation initiatives, and customer-focused effectiveness will sustain our outlook for the full year.

“We are working diligently to close the transaction to create Coca-Cola European Partners by the end of the second quarter,” Mr. Brock said. “This will unite our company with the German and Iberian bottlers, create new synergies, improve operations through leveraging best practices, and most importantly, better enable us to achieve our ultimate goal: continuing to build shareowner value.”

FULL-YEAR 2016 OUTLOOK

CCE expects full-year 2016 comparable and currency-neutral net sales to be up slightly. The company expects full-year 2016 free cash flow in a range of $500 million to $550 million after expected CCEP transaction cash costs of $75 million to $100 million. Capital expenditures are expected to be approximately $325 million. Weighted-average cost of debt is expected to be approximately 3 percent, and the comparable effective tax rate for 2016 is expected to be between 26 percent and 28 percent. Given the pending transaction, CCE does not expect to repurchase shares in 2016.

For earnings history and earnings-related data on Coca-Cola Enterprises (CCE) click here.

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