UPDATE: Coca-Cola Posts Downbeat Q2 Revenue, Shares Drop
The Coca-Cola Company (NYSE: KO) reported better-than-expected earnings for the second quarter. However, the company's revenue missed analysts' estimates.
Coca-Cola's quarterly profit dropped to $2.6 billion, or $0.58 per share, versus a year-ago profit of $2.68 billion, or $0.59 per share. Its adjusted earnings came in at $0.64 per share.
Its revenue fell 1.4% to $12.57 billion from $12.75 billion. Excluding the impact of structural changes, currency neutral revenue climbed 3% in the quarter. However, analysts were expecting earnings of $0.63 per share on revenue of $12.85 billion.
The company reported worldwide volume growth of 3% in the quarter and 2% year to date. However, North American volumes were flat.
Worldwide sparkling beverage volume rose 2% in the quarter, while worldwide brand Coca-Cola volume rose 1%. Worldwide still beverage volume grew 5% in the quarter.
Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company said, “At the beginning of this year, we shared our strategic plan to restore the momentum of our global business. As we now reach the midpoint of the year, we have delivered sound financial performance year to date and demonstrated sequential improvement in our global volume growth.”
Coca-Cola shares fell 1.30% to $41.85 in pre-market trading.
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