Coca-Cola Enterprises Inc.'s (CCE) third-quarter earnings rose 15% amid continued strong growth in Europe, and as price increased boosted margins.

Volume fell 6.5%, and was down 10% in North America amid a shift in the U.S. Independence Day holiday and prior-year Olympic-related promotional growth.

Still, the company also raised its 2009 earnings forecast to $1.54 to $1.57 a share, from its September forecast for earnings at the high end of its boosted July view for $1.44 to $1.49. In contrast, PepsiAmericas Inc. (PAS) earlier Wednesday cut its 2009 view.

The U.S. bottling industry has been hurt as shoppers curb spending, but even in better times the sector has struggled to keep up with changing consumer habits as people have been abandoning carbonated sodas for other beverages.

Coca-Cola Enterprises raised its dividend by a penny to 8 cents a share. Consumer-products firms have been among the handful of companies to raise dividends amid the recession.

The largest bottler for Coca-Cola Co. (KO) reported a profit of $247 million, or 50 cents a share, up from $214 million, or 44 cents, a year earlier. Excluding hedging and restructuring impacts, earnings rose to 51 cents from 46 cents.

Revenue decreased 3% to $5.57 billion, but were flat excluding currency impacts. Revenue fell 4% in North America and 1% in Europe.

Analysts polled by Thomson Reuters most recently forecast earnings of 46 cents on revenue of $5.71 billion.

Gross margin rose to 38.9% from 36.8% on higher prices.

Volume rose 4% in Europe, driven mostly by its Coca-Cola brands, with Coca-Cola Zero sales up more than 15%. Bottled water sales rose 25% amid acquisitions.

Shares closed Tuesday at $20.02 and didn't trade premarket. The stock is up two-thirds this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com