Coca-Cola profits top forecast
Coca-Cola reported a higher-than-expected quarterly profit yesterday, helped by increased sales volume in most of its markets.
The maker of Diet Coke, Sprite and Fanta soft drinks saw worldwide sales by volume rise five per cent, driven by gains in all of its markets except Europe, where volume fell one per cent due to the debt crisis and challenged economies.
That overall increase was ahead of the three per cent gain expected by UBS analyst Kaumil Gajrawala. He said that Coke’s sales exceeded his expectations in various regions, including the critical North American market, where the industry has seen sluggish demand for some time.
Coke’s volume rose two per cent in North America, seven per cent in Latin America, six per cent in the Pacific region and 10 per cent in the Eurasia and Africa region.
Atlanta-based Coca-Cola said net income was $2.37bn, or $1.02 per share, in the second quarter that ended on 2 July, up from $2.04bn, or 88 cents per share, a year earlier.