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07-21-2010, 03:42 PM #1
Coca-Cola 2Q net income up 16%, volume rises
Coca-Cola 2Q net income up 16%, volume rises
By Emily Fredrix, AP Retail Writer
NEW YORK — Coca-Cola's second-quarter net income climbed 16% as the world's largest drink maker sold more soft drinks and juices in every part of the world except Europe.
The Atlanta-based maker of Coke (KO) and Sprite left its 2010 guidance unchanged Wednesday but said it remains cautious about meeting its targets.
The company said it earned $2.37 billion, or $1.02 per share in the three months ending July 2. In the same period last year Coca-Cola earned $2.04 billion, or 88 cents, last year.
Excluding a charge for restructuring, Coca-Cola earned $1.06 per share.
Analysts expected earnings of $1.03 per share on revenue of $8.7 billion, according to Thomson Reuters.
Revenue rose 5% to $8.67 billion.
Worldwide, the amount of drinks sold increased 5%. Growth overseas continued to outpace domestic increases. The company and rival PepsiCo (PEP) are concentrating on adding sales in emerging markets such as China and India, as people there earn more money. Developed markets such as the U.S. and Europe have been weaker because shoppers are still watching their spending because of fragile economies.
Juices and other drinks posted a 10% gain in sales volume in the quarter, while soft drinks rose 3%.
People are increasingly turning to juices, teas and waters for health reasons, leaving soft drink sales weak in the U.S. and Europe.
Europe's sales volume dropped 1% — the only regional decline — because of continued weakness in the economy. Eurasia and Africa grew the most, 10%.
The Coca-Cola brand's sales volume rose 5% on gains from the company's sponsorship of the World Cup and other marketing efforts.
http://www.usatoday.com/money/companies ... ings_N.htmNO AMNESTY
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