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Coca-Cola Co. (KO) Reports In-Line Q2 EPS; Volume Up 1%

July 16, 2013 7:31 AM EDT
(Updated - July 16, 2013 7:43 AM EDT)

Coca-Cola Co. (NYSE: KO) reported Q2 EPS of $0.63, in-line with the analyst estimate of $0.63. Revenue for the quarter came in at $12.75 billion versus the consensus estimate of $12.97 billion.

Second quarter volume grew 1 percent and year-to-date volume grew 3 percent. Coca-Cola Americas grew 1 percent and Coca-Cola International grew 2 percent in the quarter. Sparkling beverage volume was flat while still volume improved 6 percent. Excluding the impact of acquired volume, primarily the Aujan partnership in the Eurasia and Africa Group, still beverage volume grew 4 percent in the quarter.

Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter. While we are not happy with our performance, we did gain global volume and value share in total nonalcoholic ready-to-drink beverages as well as in sparkling and still beverages in the quarter, commented CEO Muhtar Kent.

Coca-Cola noted that factors influencing lower volume included slow economies in Europe, Asia and Latin America, and historically wet and cold weather conditions across multiple regions.

Reported and comparable cost of goods sold decreased 5 percent in the quarter, reflecting a 1 percent increase in concentrate sales offset by the impact of structural changes, primarily the deconsolidation of the Philippine bottling operations in 2013. Currency reduced comparable cost of goods sold in the quarter by 2 percent. Excluding the impact of structural changes, comparable currency neutral cost of goods sold was even in the quarter. Items impacting comparability in the quarter primarily included net gains/losses on commodities hedging.

For earnings history and earnings-related data on Coca-Cola Co. (KO) click here.


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