Coca-Cola Enterprises Inc shares rose 10 percent following a higher-than-expected quarterly profit report paving a positive outlook for 2009.
The largest bottler of Coca-Cola Co drinks cited a modest improvement in North American profit trends, which probably benefited from price increases.
In September the company upped its prices which it was able to offset against increasingly raw material costs including aluminum, corn and plastic.
Company executives said on a conference call that they had raised prices again in North America in the current quarter, as the bottler seeks to offset the impact of the strengthening U.S. dollar, Reuters reported.
The stronger dollar is expected to lower the value of overseas sales and is expected to reduce 2009 earnings by 20 cents per share. This is more than the 15 cents previously forecast.
The company reported a net loss of $1.45 billion, or $2.99 per share, compared with a year-earlier net profit of $158 million, or 32 cents per share.
The soft drink giant earned 22 cents per share toping analyst estimates of 19 cents a share. These earnings exclude a $2.3 billion impairment charge related to writing down the value of its North American franchise license, Reuters reported.
Revenue fell 1 percent to $5.24 billion as an 8 percent increase in pricing did not completely offset a 5 percent decline in volume.
In North America volume took a 7 percent beating. However in Europe volume rose by 1.5 percent.