S&P 500 (NYSE:SPY) component Coca-Cola Enterprises Inc. (NYSE:CCE) reported its results for the third quarter. Coca-Cola Enterprises makes and distributes soft drinks to customers in the U.S, Canada, and certain Caribbean islands.
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Coca-Cola Enterprises Inc. Earnings Cheat Sheet
Results: Net income for Coca-Cola Enterprises Inc. fell to $263 million (89 cents per share) vs. $284 million (88 cents per share) a year earlier. This is a decline of 7.4% from the year-earlier quarter.
Revenue: Fell 3.3% to $2.07 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Coca-Cola Enterprises Inc. beat the mean analyst estimate of 69 cents per share. It fell short of the average revenue estimate of $2.27 billion.
Quoting Management: “We continue to manage each element of our business, including our operating plans, operating costs, and our balance sheet, to drive growth even as we face the challenges of ongoing macroeconomic weakness,” said John F. Brock, chairman and chief executive officer. “Going forward, dynamic and persistent marketplace challenges will demand even greater efficiency, flexibility, and effectiveness. We are committed to taking the steps necessary, such as our Business Transformation Program, to continue to serve customers and consumers at the highest levels, grow our business, and create long-term shareowner value.”
The company’s net income has fallen for two quarters in a row. In the second quarter, net income fell 16.7% from the year-earlier quarter.
The company beat estimates last quarter after meeting expectations in the second quarter with net income of 73 cents per share.
Revenue has declined for two quarters in a row. In the second quarter, revenue declined 8.3% to $2.21 billion from the year-earlier quarter.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 43 cents a share to 45 cents over the last thirty days. The average estimate for the fiscal year has risen to $2.23 per share from $2.21 in the past month.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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