(Corrects headline to "strong" dollar instead of "weak" dollar)
July 23 Coca-Cola Enterprises Inc posted
lower quarterly earnings on Monday, hurt by cool weather in
Europe, a French excise tax increase and a stronger U.S. dollar,
and it gave a full-year earnings forecast mostly below Wall
The bottler of Coca-Cola drinks said it expected to
earn $2.18 to $2.24 per share this year, including a
10-percentage-point reduction from foreign exchange rates.
Analysts on average had been expecting 2012 earnings of
$2.24 per share, based on the company's earlier forecast for
growth of about 10 percent.
Coca-Cola Enterprises forecast net sales and operating
income growth at mid-single-digit percentage rates for the year.
Net income was $205 million, or 67 cents per share, in the
second quarter, down from $246 million, or 74 cents per share, a
Excluding items, earnings were 73 cents per share. That was
in line with the analysts' average estimate, according to
Thomson Reuters I/B/E/S.
Net sales fell to $2.21 billion from $2.41 billion.
The company does all its business in Europe, so the
strengthening of the U.S. dollar reduces the value of its
revenue and profit.
(Reporting By Martinne Geller in New York; Editing by Maureen
Bavdek and Lisa Von Ahn)