Coca-Cola profit tops Wall Street estimates
NEW YORK, July 17 – Coca-Cola Co reported a higher-than-expected quarterly profit today, helped by increased sales volume both at home and abroad.
The world’s largest soft drink maker said net income was US$2.79 billion in the second quarter, down from US$2.80 billion a year earlier. Net earnings per share rose to US$1.21 from US$1.20 because of fewer shares outstanding.
Excluding items, earnings were US$1.22 per share, topping the analysts’ average estimate of US$1.19, according to Thomson Reuters I/B/E/S.
Revenue rose about 3 per cent to US$13.09 billion. Analysts had expected US$12.98 billion.
Sales volume rose 4 per cent, with North America growing 1 per cent and international up 5 per cent.
Coke shares rose 1.1 per cent to US$77.31 in trading before the market opened. – Reuters