Coca-Cola European Partners beats by EUR0.04, beats on revs; reaffirms FY16 EPS guidance; Names Gammell CEO :
- Reports Q3 (Sep) earnings of 0.67 per share, 0.04 better than the Capital IQ Consensus of 0.63; revenues fell 0.1% year/year to 2.99 bln vs the 2.91 bln Capital IQ Consensus.
- Co reaffirms guidance for FY16, sees EPS of EUR 1.86-1.90 vs. 1.89 Capital IQ Consensus Estimate. For 2016, CCEP expects revenue growth to be flat, with operating profit growth in a modest mid-single-digit range and mid-teens diluted earnings per share growth. In addition to operating profit growth, full-year 2016 diluted earnings per share growth is benefiting from differences in interest and tax rates between pro forma comparable 2015 figures and our 2016 outlook.
- Names Gammell CEO
- Co announces the appointment of Damian Gammell as the company's Chief Executive Officer, effective 28 December, 2016. He is expected to be appointed to the Board of Directors in December. Gammell will succeed John Brock, who has decided to retire after the successful merger to create Coca-Cola European Partners and a distinguished international career in the consumer goods industry. Gammell is currently Chief Operating Officer of Coca-Cola European Partners.
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