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
-
-
World workers express anger, gloom on May Day
In the United States, demonstrations, strikes and acts of civil disobedience were planned, including what could be the country's most high-profile Occupy rallies since the anti-Wall Street encampments came down in the fall.
- Pulaski’s First National Bank working with local schools
-
Business Spotlight: Pool business branches out to Limestone County
- Mark White earns marketing professional certificate
-
Business Spotlight: Sara Wood, MedWest Community Care
To find out more about business spotlights in The News Courier, contact Lora Scripps at 256-232-2720 ext. 104 or email lora@athensnews-courier.com.
-
BUSINESS SPOTLIGHT: Bojangles’ Famous Chicken n’ Biscuits
-
Farmers Federation offers scholarship to local students
The Limestone County Farmers Federation is once again offering a $1,000 scholarship with an option of renewal for up to four years to local students.
-
Kazek honored for columns in CNHI contest
“Her columns are a treat to read. She writes in a conversational, witty and entertaining way. She has fun with her columns and you know she is having a good time while writing them. The beneficiaries are her readers.”
-
Carter named Gas Person of the Year
Athens Gas Department Manager Steve Carter was recently named the Gas Person of the Year.
-
GE to hire 5,000 veterans over next 5 years
General Electric Co. plans to hire 5,000 veterans over the next five years and invest $580 million to expand its aviation business.
- More Business Headlines
-
World workers express anger, gloom on May Day
Defense Rests in John Edwards Trial
GM Says It Will Stop Paying for Ads on Facebook
911 Call: Confusion at Home Where Mom Shot Kids
Jury Convicts Steve Powell of Voyeurism Charges
Skechers to Pay $40 Million for Bogus Claims
Coffee May Be Key to Living Longer
Police to Groom of Slain Bride: Turn Yourself In
Laurie Fine: My Life Has Been Destroyed
FTC: Skechers Deceived Consumers With Shoe Ads
FBI Confirms Leak Probe on Al-Qaida Plot
Romney Calls Obama a 'Disappointment'
Honda Unveils New Robotics-powered Scooter
NJ Gov., Mayor Channel Seinfeld in Video Parody
Blood Drive for Woman With Flesh-Eating Disease
AG Race Tops Oregon Primary Interest
Obama Welcomes Beckham, Galaxy to White House
Raw Video: Mladic's Genocide Trial Under Way
Court Records Detail Zimmerman Injuries
Local Community Prepares for G8 Summit
New Guidelines for US Nuclear Plants
