Coca-Cola Enterprises – CCE – Expects to repurchase at least $600 million of its shares by the end of 2012

Coca-Cola Enterprises, Inc. (NYSE: CCE) reported second-quarter 2012 diluted earnings per share of 67 cents on a reported basis and 73 cents on a comparable basis. Reported operating income for the quarter totaled $301 million; comparable operating income totaled $328 million, down 11 percent on a comparable basis and down 2 percent on a comparable and currency neutral basis versus second-quarter 2011 results. Currency translation negatively affected second-quarter 2012 earnings per diluted share by 8 cents, or 10½ percent. Items affecting comparability and other pro forma adjustments are detailed on pages 11 through 15 of this release.

Second-quarter net sales totaled $2.2 billion, a decline of 8½ percent from the same quarter a year ago, flat on a currency neutral basis, and down 2 percent on a currency neutral basis excluding the impact of the French excise tax increase.

“As we face a unique combination of unfavorable weather and ongoing marketplace challenges, we continue to closely manage each element of the business to drive results and deliver against our objectives,” said John F. Brock, chairman and chief executive officer. “By executing against our strong sales and operating plans, controlling costs, and leveraging our strong balance sheet, we remain confident in our ability to create increasing value for our customers, and importantly, for our shareowners.”

• Second-quarter diluted earnings per share totaled 67 cents on a reported basis or 73 cents on a comparable basis.
• Net sales were $2.2 billion, down 8½ percent on a reported basis, flat on a currency neutral basis, and down 2 percent on a currency neutral basis excluding the impact of the French excise tax increase.
• Operating income was $301 million on a reported basis and $328 million on a comparable basis; comparable operating income was down 11 percent, and down 2 percent on a currency neutral basis.
• Second-quarter volume declined 6 percent reflecting the impact of unfavorable weather, the French excise tax increase, and prior year growth hurdles.
• CCE now expects to repurchase at least $600 million of its shares by the end of 2012.
• CCE expects full-year 2012 comparable diluted earnings per share in a range of $2.18 to $2.24, including a negative currency impact of approximately 10 percent at recent rates.

About Coca-Cola Enterprises – CCE

Coca-Cola Enterprises, Inc.(CCE)  is the leading Western European marketer, distributor, and producer of bottle and can liquid nonalcoholic refreshment and one of the world’s largest independent Coca-Cola bottlers. CCE is the sole licensed bottler for products of The Coca-Cola Company in Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, and Sweden.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.