* Sees '08 EPS of $1.28-$1.31 vs prior view $1.25-$1.29

* Sees '09 EPS up in mid-single-digit range, excl forex

* Reducing U.S. business units to 4 from 6

* Shares up 11.8 percent

(Adds details on outlook from conference call)

By Martinne Geller

NEW YORK (Reuters) - Coca-Cola Enterprises Inc (CCE.N: Quote, Profile, Research) raised its 2008 earnings outlook and outlined a restructuring plan on Thursday that includes reducing its U.S. business units, sending shares up nearly 12 percent.

The largest bottler of Coca-Cola Co (KO.N: Quote, Profile, Research) drinks also forecast 2009 earnings per share to grow at a mid-single-digit rate and operating income to rise at a low-single-digit rate, ahead of Wall Street estimates.

"It is good to see a company raising guidance," said Gary Bradshaw, a portfolio manager at Dallas-based Hodges Capital Management. "It seems like every other day someone's lowering."