Coca-Cola Ent beats by $0.08, misses on revs; guides FY14 revs below consensus (
Reports Q3 (Sep) earnings of $0.96 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.88; revenues fell 1.7% year/year to $2.14 bln vs the $2.22 bln consensus.
- Operating income totaled $345 million on a reported basis, or $338 million on a comparable basis. Operating income grew 10 percent on a reported basis, 5½ percent on a comparable basis, or 2½ percent on a currency-neutral basis.
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Guidance: Co issues downside guidance for FY14, sees FY14 revs "essentially flat", which would equate to approximately $8.21 bln vs. $8.46 bln Capital IQ Consensus Estimate. CCE expects comparable and currency-neutral earnings per diluted share growth of approximately 10 percent. Based on recent rates, currency translation would benefit full-year 2014 earnings per diluted share by approximately 3%.
CCE continues to expect 2014 free cash flow of approximately $650 mln. Capital expenditures are now expected to be approximately $325 mln. Weighted-average cost of debt is expected to be approximately 3%, and the comparable effective tax rate for 2014 is expected to be approximately 27%.