Coke profit falls 28%, but global volume rises
Coca-Cola's profit fell 28 per cent in the third quarter, but the company behind Diet Coke, Powerade and other drinks also said on Wednesday that its global volume rose.
The Atlanta-based company said global volume rose one per cent 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 two per cent, 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, Coca-Cola reported net income of US$1.05 billion, or 24 cents per share, in the three months ending September 30, compared with US$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 per cent to US$10.63 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected US$10.54 billion.