Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – Coca-Cola Enterprises Inc (NYSE:CCE) reported its 1Q14 earnings on 24th April before markets opened. It reported earnings of 44 cents per diluted share, on the back of a slight 1 percent increase in its net sales to $1.9 billion for the quarter. In the same reporting period, its volume was down 1.5 percent. Operating income for the quarter came in at $184 million, which was well below the $194 million it had reported in 1Q13. The firm highlighted that in neutral currency terms, the operating income in fact registered a 2 percent increase.
The beverages major also went on to reiterate its full year guidance it had issued at the beginning of the year for 2014. This includes a 10 percent increase in earnings for the full year which would be accomplished on the back of single digit increase in net sales and similar low to mid single level digit increase in its operating income.
Coca-Cola Enterprises Inc (NYSE:CCE) Chairman, Chief Executive Officer and Member of Corporate Responsibility and Sustainability Committee John Franklin Brock in his comments post the earnings call has been quoted to have expressed confidence that, “We affirmed our full year 2014 outlook for earnings per share, net sales and operating income. Though our first quarter’s volume performance represents a slower-than-expected start to the year, we continue to believe that our operating strategies and marketplace initiatives will enable us to reach our full year financial goals.”
In a reiteration of the solid outlook Coca-Cola Enterprises Inc (NYSE:CCE) management team has provided for the full year, Moody’s investors service has in a investor note on 28th April, post the company’s 1Q earnings call, has gone to rate the outlook for the company as stable and provided a A3 rating on the $250 million Euros worth notes that the company is planning to issue in the near future.