US: Coca-Cola Co Q3 profits flat on slipping sales

The Coca-Cola Co has posted flat net profits for its third quarter, on the back of a slight dip in sales.

The soft drinks giant said today (20 October) that net profits for the three months to 2 October totalled US$1.896bn, compared to $1.890bn a year earlier. Net sales were down by 4% at $8.04bn, with operating profits sliding by 2% to $2.16bn.

For the first nine months of 2009, however, net profits have registered a 10% rise, coming in at $5.28bn, with sales down by 5% to $23.48bn. Operating profits have decreased by 4% at $6.45bn.

While North America held its own in the year so far, with net sales rising by 1%, Europe struggled in the period, with sales dropping by 13% and operating profits falling by 9%.

Coca-Cola chairman and CEO, Muhtar Kent, declared himself "pleased" with the "solid results" in the quarter.

"We continue to grow our currency neutral revenues, gain global non-alcoholic ready-to-drink volume and value share, expand our margins and invest in our business, all while generating tremendous cash flow," Kent said.

"The fundamentals of our business remain strong and our franchise system is delivering results that keep us on track to achieve our long-term growth expectations," Kent said. "Although we expect the consumer to continue facing economic uncertainties into 2010 and for consumer sentiment to recover slowly, we believe more than ever that we have the right strategies being executed."

For the full statement, click here.