Coca-Cola Enterprises Beats Earnings Estimates (CCE)

Atlanta, Georgia based Coca-Cola Enterprises, Inc. CCE released financial results on Wednesday morning that beat Wall Street earnings estimates, while barely missing revenue expectations. Coca-Cola Enterprises, Inc. (CCE) announced that its 2nd quarter net income rose to $356 million, or 69 cents per share, up from $313 million, or 64 cents per share, a year earlier. Excluding special items, Coca-Cola Enterprises reported earnings of 79 cents per share. The company reported revenue of $5.88 billion, down from $5.9 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 69 cents per share, on revenue of $5.92 billion. “These results reflect strong day to day execution of key strategies and operating initiatives and our commitment to deliver against our full year objectives,” said chairman and chief executive officer John F. Brock. “As we work to complete our transaction with The Coca-Cola Company and meet the challenges of weak macroeconomic conditions, we continue to focus on driving value for our customers, our consumers, and our shareowners." The company forecast full year earnings in the range of $1.73 to $1.77 per share. Coca-Cola Enterprises, Inc. closed the previous trading day at $28.48 per share. The consensus price target of analysts covering the company's stock is $29.68 per share. Read more from Benzinga's Company news.