Coca-Cola raises 2009 profit outlook

ATLANTA Coca-Cola announced 2010 financial guidance and will resume its existing share repurchase programs, expecting to complete the purchase of shares totaling $600 million by the end of 2010.

The company also increased its full-year 2009 guidance for comparable, diluted earnings per share to a range of $1.56 to $1.59.

"Our strong 2009 results and positive growth outlook for 2010 reflect the benefits of our work to maximize brand value, to enhance the system effectiveness and efficiency, and to provide customers with the highest levels of service," said John F. Brock, chairman and CEO. "Despite the impact of a difficult economic environment, we have made tremendous progress in 2009, delivering profit growth exceeding our long-term objectives.

"As a result of this progress, and our focus on strengthening our balance sheet, we are now able to begin substantially increasing returns to our shareowners," Brock said. "Driving shareowner value remains our most important objective, and long-term success will demand even greater diligence in strengthening every level of our company."

For 2009, free cash flow is expected to be approximately $850 million, net of an expected additional pension contribution of approximately $150 million in the fourth quarter 2009. Capital expenditures will total approximately $900 million. The effective tax rate for 2009 is expected to be approximately 25%.