Coca-Cola Enterprises (NYSE: CCE) reported Wednesday it posted a profit in its fiscal fourth quarter, reversing a year-ago loss, according to Associated Press.
The company, the largest bottler for Coca-Cola drinks, earned $110 million, or 22 cents per share, in the quarter, compared with a loss of $1.45 billion, or $2.99 per share a year ago. Revenue fell 2 percent to $5.11 billion from $5.24 billion last year.
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Analysts polled by Thomson Reuters, on average, predicted a profit of 20 cents per share on revenue of $5.28 billion.
In Europe, volume rose 6 percent and net pricing per case grew 3.5 percent, helped by strong sales of Coca-Cola Zero, Sprite and energy drinks.
In North America, volume dropped 3 percent and net pricing per case fell less than 1 percent on lower sales of non-carbonated drinks and single-serve packages.
For the year, earnings were $731 million, or $1.48 per share, compared with a loss of $4.39 billion, or $9.05 per share the year before. Revenue rose less than 1 percent to $21.65 billion from $21.81 billion last year.
Coca-Cola Enterprises expects revenue in 2010 to increase at a low single-digit rate, helped by mid single-growth in Europe and flat revenue in North America. The company expects earnings per share to increase at a high single-digit rate.
The company also said it will buy back up to $600 million in stock by the end of the year under a previously authorized share repurchase program.
On Tuesday, Coca-Cola Co. (NYSE: KO), the world's largest beverage maker, said international sales drove a 55 percent profit increase in the fourth quarter.
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