The slow global economy and the
health-driven turn against sweet sodas dented Coca-Cola sales for the sixth
straight quarter, delivering a 28 percent hit to net income, the company
reported Thursday.
Coca-Cola
said worldwide revenues fell in the quarter to September 30 by 7.0 percent from
a year agoto $10.6 billion, with sharp declines in its Latin America and
Europe-Africa-Middle East regions. Growth in North America was strong but Asia,
another key market, only registered slight gains, the company said.
Net profits for the quarter came in at $1.05 billion, a big drop from $1.45 billion a year ago.
Earnings per
share were down 27 percent at 24 cents, but on an adjusted basis came in at 49
cents, just beating analyst forecasts. The company said that operating margins
gained 50 basis points, helped by restructuring and other initiatives.
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