Coca-Cola Enterprises posts profit in quarter, year
February 12, 2008
by FoodBusinessNews.net Staff
ATLANTA — Coca-Cola Enterprises Inc. posted net income of $711 million in the fiscal year ended Dec. 31, equal to $1.48 per share on the common stock, which compared with a loss of $1,143 million during 2006.
Net operating revenue was $20,936 million, up 6% from $19,804 million during the previous year.
"Our 2007 results reflect success in becoming more effective and efficient, in providing customers with improving levels of execution and in developing our brand portfolio," said John F. Brock, president and chief executive officer. "We are encouraged by our 2007 performance, which leaves us well-positioned to being achieving our long-term objectives of revenue growth of 4% to 5%, operating income growth of 5% to 6% and high single-digit earnings per share growth.
"We recognize that much hard work lies ahead and that reaching these levels of performance requires constant focus on the execution of three strategic objectives that guide our efforts — to strengthen our product portfolio, to improve our go-to-market model and to create a talented, diverse workforce."
For the fourth quarter, the company posted net income of $158 million, or 33c per share, which compared with a loss of $1,711 million during the same quarter of the previous year. Net operating revenue was $5,299 million, up 11% from $4,786 million during the same quarter of 2006.