Coca-Cola Enterprises Inc
) recently re-affirmed its fiscal 2013 guidance at the Barclays
Back-to-School Conference in Boston. Coca-Cola Enterprises, one
of the largest bottlers of
The Coca Cola Co.
), also named its new chief financial officer (CFO).
Fiscal 2013 Outlook Retained
Coca-Cola Enterprises now expects its earnings per share at
the higher end of the previously stated range of $2.45 to $2.50.
The guidance includes a less than 1% positive impact of currency
translation at current rates.
The company continues to expect net sales, on a constant
currency basis, to grow at a low single-digit rate. Operating
income is expected to grow in a low to mid-single-digit range in
In addition, at the Barclays conference, the company stated
plans to repurchase at least $1 billion of its shares by the end
of fiscal 2013, under its current $1.5 billion share repurchase
program which began in Jan 2013. The company also reiterated its
year-end net debt to EBITDA ratio expectation within its
long-term range of 2½ to 3 times.
For fiscal 2013, Coca-Cola Enterprises expects free cash flow,
including year-over-year increase in cash restructuring expenses,
of approximately $500 million. Capital expenditure is expected in
a range of $300 million to $325 million for fiscal 2013.
Cost of debt was reaffirmed at approximately 3%, while
effective tax rate for 2013 is expected to be in a range of 26% -
The bottling company also announced its new CFO at the
conference. Manik 'Nik' Jhangiani will become the new CFO
effective from Nov 1, 2013. Jhangiani is currently the vice
president of the European finance division of the company and has
more than 25 years of experience in global finance and business
Jhangiani has worked with other multi-national organizations
in the past, including Coca-Cola, Coca-Cola Hellenic Bottling Co,
Colgate Palmolive Co
Bristol-Myers Squibb Co.
) and Deloitte & Touche. Prior to joining CCE, Jhangiani was
CFO of Bharti Enterprises, which is one of the largest Indian
multi-national companies. Coca-Cola Enterprises carries a Zacks
Rank #3 (Hold).
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