USA – Coca-Cola European Partners, has announced its interim results for the six months ended 29 June 2018 with a reported revenue totalled at US$6.19 million, maintaining full-year 2018 outlook.
According to the company, the first-half diluted earnings per share were US$0.97 on a reported basis or US$1.15 on a comparable basis, including a negligible impact from currency translation.
The company added that the volume decreased 3.5% on a comparable basis, partly reflecting the impact of recent strategic portfolio and pricing decisions.
First-half reported operating profit was US$692 million; comparable operating profit was US$800 million, up 4.5% on a comparable basis, or up 5% on a comparable and fx-neutral basis.
“We are pleased with our execution and performance in the first half as we continued to make bold portfolio and pricing decisions.
We are confident that these are the right strategic initiatives for our business in the long-term, while acknowledging the near-term negative impact on volume,” said Damian Gammell, Chief Executive Officer.
“This strategy is reflected in another quarter of solid growth, including strong revenue per unit case gains as we focus on improving our pack and pricing architecture.
Overall, we are encouraged by our first-half performance given business disruption in France owing to customer negotiations; unfavourable weather in Iberia; and new industry taxes, notably in Great Britain.”
The second-quarter diluted earnings per share were US$0.69 on a reported basis or US$0.77 on a comparable basis, including a negligible impact from currency translation.
The company affirmed that the full-year guidance for 2018 for comparable and fx-neutral diluted earnings per share growth of between 6 percent and 7 percent when compared to 2017 comparable results.
CCEP raises full-year guidance for 2018 free cash flow to a range of US$1030 million to US$1088 million, as it declares quarterly dividend of US$0.3 per share.
“Given our solid progress in the first half, we have affirmed our 2018 profit outlook. We are committed to implementing our Beverages For Life strategy; investing in our business; better serving our customers; and improving our in-market execution,” Mr. Gammell added.
“Importantly, we are confident that we have the right strategy and the right team in place to deliver strong cash generation and ultimately generate long-term value for our shareholders.”