Coca-Cola Beats Q2 Estimates

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The Coca-Cola CoKO
reported stronger-than-expected results for the second quarter on Wednesday. The Atlanta, Georgia-based company posted quarterly net income of $3.11 billion, or $0.71 per share, compared to $2.60 billion, or $0.58 per share, in the year-ago quarter. Its adjusted earnings came in at $0.63 per share. Its revenue declined 3 percent to $12.16 billion from $12.57 billion. However, analysts were expecting earnings of $0.60 per share on revenue of $12.06 billion. The average estimate among 28 Estimize users was for earnings of $0.61 per share and revenue of $12.21 billion. Global volumes rose 2 percent in the quarter. World-wide soda volumes gained 1 percent, while noncarbonated beverage volumes climbed 5 percent for the quarter. Year-to-date cash from operations climbed 14 percent to $5.1 billion. "Our second quarter results were in line with our expectations and mark continued progress toward restoring momentum in our global business," said Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company. "We are executing against our strategic initiatives and remain focused on driving efficiencies through productivity and making disciplined investment decisions to accelerate growth." Coca-Cola shares fell 0.46 percent to close at $41.19 yesterday.
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Posted In: EarningsNewsprofit
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