Coke Enterprises Raises Earnings Outlook (CCE, KO)
Coca Cola Enterprises (NYSE: CCE), whose North American operations are being acquired by Coca-Cola (NYSE: KO), raised its earning outlook for the rest of the year.
This comes as Coca Cola Enterprises sees revenue increases in the North American market.
The company is the largest bottler of Coca-Cola drinks in the world, and is seen as a proxy for how well the soft drink industry is performing. It upped its 2010 earnings to $1.78 to $1.82 per share share. Its previous guidance was $1.73-$1.76 per share. up from its previous outlook of $1.73 to $1.76.
The new guidance is right in line with analysts expectation, who have been expecting $1.80 per share.
JPMorgan analyst John Faucher was favorable on Coca Cola Enterprises, as he wrote in a research note.
"The new (long-term) targets for CCE are in line with expectations as they jettison the slower-growth North American business," Faucher wrote.
Shares of Coca Cola Enterprises are up 12 cents, to trade at $29.49 in Tuesday trade.
Shares of Coca Cola are slightly down, losing 2 cents to trade at $57.54.
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