Coke profit falls 28%, but global volume up
Coca-Cola’s profit fell 28 percent in the third quarter, but the company behind Diet Coke, Powerade and other drinks also said yesterday that its global volume rose. The Atlantabased company said global volume rose 1 percent in the quarter, with gains in North America, Asia and Europe and other markets. In the quarter before, the company said global volume was flat.
In North America, volume rose 2 percent, thanks to its water and sports drink brands, which include Dasani and Powerade. The company also reported growth of its Sprite, Fanta and energy drink brands in North America, offsetting a decline in Diet Coke. Overall, CocaCola reported net income of $1.05 billion, or 24 cents per share, in the three months ending Sept. 30, compared with $1.45 billion, or 33 cents per share, in the same period a year ago. Earnings, adjusted for non-recurring costs, were 49 cents per share, beating the 48 cents per share analysts expected, according to Zacks Investment Research.
Revenue fell 7 percent to $10.63 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $10.54 billion. Shares of The Coca-Cola Co rose 25 cents to $42.79 in morning trading yesterday. — AP