Coca-Cola Enterprises Profit Matches Expectations

Coca-Cola Enterprises reported quarterly earnings in line with estimates, as price increases driven by rising aluminum and sweetener costs cut into demand in North America.

Net income rose 25.8 percent for the largest bottler of Coca-Cola drinks, boosted by a one-time tax benefit and other items, but earnings from operations fell as shipment volume weakened in North America and Europe.

Coca-Cola Enterprises posted net income of $268 million, or 55 cents per share, for the third quarter, compared with $213 million, or 44 cents per share, a year ago.

Excluding items, the company earned 44 cents per share, down from 45 cents a year ago. Analysts on average forecast 44 cents a share, according to Reuters Estimates.

Net operating revenue rose rose 3.6 percent to $5.41 billion.

The company shipped 2.5 percent fewer cases during the quarter, compared with a year earlier, while costs rose 6 percent and price per case rose 4 percent, excluding the impact of the weaker dollar.

For the year, the company now expects earnings of $1.31 to $1.36 a share, excluding restructuring charges. Analysts on average forecast $1.30 a share, according to Reuters Estimates.