ATLANTA (AP) — The Coca-Cola Co. said Tuesday its third-quarter profit rose less than 1 percent, as sales fell as consumers continued to limit soft drink purchases and the stronger dollar took a toll on revenue.
The world’s biggest beverage maker says it earned $1.92 billion, or 81 cents per share, compared with $1.92 billion, or 81 cents per share, a year earlier.
Results in the most recent quarter ended Oct. 2 included a 1-cent restructuring charge.
Atlanta-based Coca-Cola Co., the world’s largest soft-drink maker, says revenue slumped to $8.04 billion from $8.39 billion. Foreign currency exchange dragged down revenue by 6 percent.
Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, forecast profit of 81 cents per share on revenue of $8.11 billion.
Shares of Coca-Cola fell $1.04 to $53.75 in premarket trading.
In North America, case volume fell 4 percent.
Many consumers are cutting back on soft drinks for health reasons and switching to juices and teas. Coca-Cola said unit case volume for soda fell 5 percent in North America in the quarter, while volume of still beverages, including teas and juices, was even.
Sales rose in emerging markets including India, China and Brazil. Total international case volume rose 4 percent, which includes 37 percent growth in India and 15 percent in China.
The company said that a U.S. dollar still strong relative to last year’s third quarter hurt earnings per share during the quarter, because about 85 percent of Coca-Cola’s profit comes from sales abroad. A strong dollar dampens foreign sales for U.S. companies, because overseas sales convert back to fewer U.S. dollars.
Business
Coca-Cola 3rd-quarter profit rises slightly
- Business
-
-
Dodge Dart to join compact car race
If the new Dodge Dart sells anything like the original, Chrysler will have the small-car hit it needs.
-
Sugar Bowl, BP to promote Gulf seafood, tourism
The Sugar Bowl has announced plans with oil giant BP for a two-week promotion of Gulf Coast seafood and culture.
-
Can foreign tourists help US economy?
More than a decade after the federal government strengthened travel requirements after the Sept. 11, 2001, terrorist attacks, foreign visitors say getting a temporary visa remains a daunting and sometimes insurmountable hurdle.
-
First Cider Sippin' champ named
Village Pizza was the winner of the Sippin’ Cider contest held Dec. 10 in downtown Athens.
-
Local FBLA students celebrate American Enterprise Day
Students in Debbie Wilson’s business management program at the Limestone County Career Technical Center recently celebrated American Enterprise Day with a field trip to the downtown square in Athens.
-
David Perkins opening State Farm office on County Line
David Perkins opened a new State Farm Insurance office Dec. 1 at 11156 County Line Road, Suite D in Madison.
-
Business Spotlight: Servpro of Limestone and Lawrence Counties
-
Administration aims for simpler credit card bills
-
Gov. Bentley reassures foreign industries over immigration law
Alabama's governor says he worries that the state's tough immigration law could hurt industry recruitment and that's why he's reaching out to foreign companies to let them know that Alabama welcomes them.
-
Greene awarded certification in funeral business
- More Business Headlines
-
Denver's Largest-Ever Drug Bust Nets Dozens
Marines: No Punishment for Nazi-like Flag
Vets Look to Translate Military Skills Into Jobs
Expert: Removing LA School's Staff 'Appropriate'
Raw Video: School Bus Burst Into Flames
LA School Reopens Amid Sex Abuse Scandal
$25B Settlement Reached Over Foreclosure Abuses
Pentagon: Allow Women Closer to Front Lines
Obama Gives Education Waivers to 10 States
Giffords Aide to Run for Her Seat
LA School in Sex Abuse Scandal Reopens
Winter Slamming North Asia, Parts of Europe
Syrian Forces Renew Bombardment of Homs
States, Banks Reach Foreclosure-abuse Settlement
Raw Video: Italy's Mount Etna Bursts Into Life
Greeks March; Angry Despite Debt Deal
Raw Video: U.S. Pullout Celebration
Raw Video: Annual Empire State Building Run-Up
Man Killed in Courthouse Shootout
Air Force Airlines: Leaders Get Polished Service
