Coca Cola profit tops Wall Street expectations
The chairman of Steel Authority of India speaks exclusively to NDTV Profit about the firm's equity divestment, capacity expansion plans and funding reserves, among other things.
Coca-Cola Co reported a higher-than-expected quarterly profit on Tuesday, as rising consumption of its beverages in emerging markets offset declines in Europe, sending its shares up more than 1 per cent in premarket trading.
The world's largest soft drink company, maker of Sprite, Minute Maid orange juice and vitamin water, said second-quarter sales volume rose 4 per cent, with North America growing 1 per cent and international up 5 per cent.
Volume jumped 12 per cent in Eurasia and Africa, 8 per cent in the Pacific region and 3 per cent in Latin America. It fell 4 per cent in Europe, hurt by the economic slowdown there.
Net income was $2.79 billion, down from $2.80 billion a year earlier. Net earnings per share rose to $1.21 from $1.20 because of fewer shares outstanding.
Excluding items, earnings were $1.22 per share, topping analysts' average estimate of $1.19, according to Thomson Reuters I/B/E/S.
Revenue rose about 3 per cent to $13.09 billion. Analysts had expected $12.98 billion.
The company, which does business in more than 200 countries, said foreign exchange rates shaved 4 percentage points from net revenue.
Price increases also helped boost revenues.
Costs rose 5 percent in the quarter, due to “moderately” higher commodity costs.
Coke shares rose 1.3 percent to $77.45 in trading before the market opened.
Copyright @ Thomson Reuters 2012