16th Mar 2020 10:06
(Alliance News) - Coca-Cola European Partners PLC on Monday said the new coronavirus outbreak may hurt its earnings forecast for 2020.
The soft drinks bottling firm said that although it has measures in place to mitigate the effects of Covid-19 on its business, the uncertainty as to the scale and duration of the situation could result in a change to its previous guidance for 2020.
In February, Coca-Cola European Partners had predicted low-single digit revenue growth, mid-single digit operating profit growth, and high-single digit diluted earnings per share growth. For 2019, the company posted revenue of EUR12.02 billion, operating profit of EUR1.55 billion and diluted EPS of EUR2.32.
"CCEP is well positioned given its current financial position, stable cash generation and good access to liquidity and has mitigation plans in place, which it continues to adapt as the situation evolves," the company said.
The stock was untraded on Monday morning in London, last quoted at EUR37.55 each.
By Ife Taiwo; [email protected]
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