Coca-Cola (KO) Revenue Soars 40%, EPS Up 7% in Q1, But Fails to Live Up to Lofty Street Expectations

April 26, 2011 8:27 AM EDT
Coca-Cola Company (NYSE: KO) reported first-quarter results Tuesday which showed solid growth but missed Wall Street expectations.

The drink-giant reported comparable EPS for the quarter grew 7% to $0.86, $0.01 worse than the analyst estimate of $0.87. Reported operating income during the quarter was $2.3 billion, up 4%, with comparable operating income up 10%.

Revenue rose 40% to $10.5 billion, just missing the consensus estimate of $10.54 billion.

Worldwide volume grew a strong 6% in the quarter, with growth in all five geographic operating groups. North American volume growth was 6% in the quarter, however excluding new cross-licensed brands North America (primarily Dr Pepper), volume growth was just 2%. North America achieved its fourth consecutive quarter of organic volume growth. Elsewhere, Coke showed growth of 8% in Eurasia and Africa, 7% in Latin America, 5% in Pacific and 1% in Europe.

Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company said, "I am pleased with our first quarter results. Despite ongoing global geopolitical challenges, we once again delivered consistent, quality growth across all five of our geographic operating groups, with broad worldwide share gains across beverage categories. The growing value of our brands, our consistent quality operating results and our solid financial performance underscore how our system is steadily and strategically advancing its momentum around the world."

Shares of Coke are down 1.8 percent to $66.51 in pre-open trade Tuesday.

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