US: Coca-Cola Q2 figures released
The Coca-Cola Company has posted a rise in Q2 earnings. The company announced yesterday that earnings reached US$1.58 bln, or US$0.65 per share, for the three months to 30 June, compared to a profit of $1.36 billion, or US$0.55 a share, in the corresponding quarter last year.
Excluding one-time items - including a favourable tax settlement and writedowns of various manufacturing investments - Coke said it earned US$1.55 billion, or US$0.64 per share.
Revenue in the April-June period was US$5.97 bln, up 5% from US$5.70 bln a year ago.
In a statement, Neville Isdell, chairman and chief executive officer, said: "Based on my initial review, our system remains focused on building its revenue growth management capabilities, while also investing in and strengthening the best beverage brands in the world, but clearly there is still work to be done. While we have begun to build a solid foundation to deliver sustainable, profitable volume growth, here too, we have opportunities for improvement.
"Our results in the quarter reflect solid performance in many markets, but we are experiencing challenging conditions in several key countries, including Germany, Mexico and the Philippines. Within these markets, we expect the environment to remain difficult throughout the remainder of this year while we focus on improving our short-term performance and strengthening our system's long-term capabilities."
For the first six months, earnings per share were US$1.11, a 25% increase from the prior year period earnings of US$0.89 per share.
Gross profit for the second quarter increased 10% and operating income increased 13%, reflecting solid results in many key markets and a positive currency benefit of approximately 6% to operating income, the company said. For the first six months, gross profit increased 13% and operating income increased 22%.
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