KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comCoca-Cola Enterprises raises 2009 profit forecast

Coca-Cola Enterprises raises 2009 profit forecast

ATLANTA (AP) - Coca-Cola Enterprises, the largest bottler of Coca-Cola drinks, raised its 2009 profit forecast Wednesday after saying its third-quarter results rose on the strength of higher prices.

The company now expects full-year comparable earnings per share to range from $1.54 to $1.57. In September, the company affirmed its prior forecast of $1.44 to $1.49 per share.

Analysts polled by Thomson Reuters expect the bottler to earn $1.52 per share for the year.

The Atlanta-based company said its third-quarter profit came in above expectations. Sales fell slightly but price increases helped buffer the drop.

The company's forecast excludes certain one-time items and includes an estimated 16 cent per share negative impact from currency exchange. That is one penny higher than its previous estimate in September. Companies that do significant business overseas suffer when the dollar strengthens because their overseas sales and operations in other currencies translate into fewer dollars.

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