The loss last year was caused by a one-time, non-cash charge for the write-down of the estimated value of CCE’s franchise rights for North America. Atlanta-based CCE is the largest bottler of Coca-Cola products, producing and distributing Coke bottled and canned drinks for most of North America and parts of Europe.
Excluding last year’s massive write-down and other one-time costs, CCE still posted improvements. It had comparable earnings in the most recent quarter of 67 cents per share, well above the 56 cents in the second quarter of last year. The results also handily beat analyst expectations of 51 cents a share, according to a survey by Thomson Reuters.