By Rachel Pannett
Of DOW JONES NEWSWIRES
CANBERRA -(Dow Jones)- Coca-Cola Amatil Ltd. (CCL.AU) Wednesday maintained its earnings guidance for high single-digit net profit growth in the second half as revenue and volume growth continued into the third quarter.
The beverage company also expects high single-digit growth in earnings before interest and tax in the second half ending Dec. 31, assuming summer trading conditions in Australia and New Zealand are "normal", it said in a statement.
The summer months of November and December account for around 20% of Coca-Cola Amatil's trading revenue.
The stable guidance could disappoint some analysts hoping for an upgrade to low double-digit growth. In the six months ended June 30, Coca-Cola Amatil reported a 10.4% rise in net profit to A$189.8 million.
In early trading, its shares were up 3 cents at A$10.31.
The company said its Australian beverage business achieved solid volume and revenue growth in the third quarter ended Sept. 30, benefiting from new products as well as increased market penetration of cold beverage coolers.
Both its Glaceau vitamin water and the Mother energy drink continued to perform above expectations, with Mother consolidating its position as Australia's number one energy drink in food stores with a 31% market share.
In New Zealand, positive signs emerged in the third quarter, with an improvement in economic conditions flowing through to higher consumer demand.
The resilience of Indonesia's economy also led to strong volume, revenue, and earnings growth during the quarter.
Last month, Coca-Cola Amatil issued debt in the U.S. market, raising US$400 million. The five-year fixed rate bonds were issued into the 144A market, the first issue of its kind by the company, with a coupon of 3.25% and priced at a spread of 95 basis points over 5-year Treasurys.
As a result, the company said it is now fully funded for all of its debt due to mature in 2010.
-By Rachel Pannett, Dow Jones Newswires; 61-2-6208-0901; rachel.pannett@dowjones.com