The Wall Street Journal
Coca-Cola Co.'s fiscal third-quarter profit jumped 8.4%, as the soda maker continued to see an improvement in the difficult North American region and as sales grew quickly in overseas markets like Russia and Brazil.
Coke also said it will buy back $2 billion in shares by the end of 2010, above its previous estimate for a buyback of "at least $1.5 billion." Shares were up 1.3% to $60.75 in recent premarket trading as the results beat analysts' expectations.
Coca-Cola recently completed the acquisition of the North American operations of its biggest bottler, just months after rival PepsiCo Inc. finished buying its two biggest bottlers. The companies are hoping to reinvigorate their North American soft-drink businesses, which have been hurt by tepid sales in recent years. More recently, weak consumer spending has put added pressure on the industry.
Coca-Cola reported a profit of $2.06 billion, or 88 cents a share, up from $1.9 billion, or 81 cents a share, a year earlier. Excluding restructuring and other impacts, earnings climbed to 92 cents from 82 cents as revenue increased 5% to $8.43 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 89 cents on revenue of $8.3 billion.
Volume rose 5% in the quarter, up 6% internationally and 2% in North America.
Sparkling beverages, which include Coke's carbonated-drinks business, had world-wide volume growth of 3% in the quarter from last year, including 4% growth internationally.
In the company's still beverages segment, which includes Dasani water and sports-drink brand Powerade, volume rose 11% amid 13% growth abroad.
PepsiCo. recently reported a profit jump of 12% for the latest quarter, helped by improvements in its U.S. beverages business and a rise in snack sales in Latin America. However, it trimmed the top end of its 2010 earnings-growth estimate amid plans to invest more in its global expansion, especially in emerging markets.
Coke also said it will buy back $2 billion in shares by the end of 2010, above its previous estimate for a buyback of "at least $1.5 billion." Shares were up 1.3% to $60.75 in recent premarket trading as the results beat analysts' expectations.
Coca-Cola recently completed the acquisition of the North American operations of its biggest bottler, just months after rival PepsiCo Inc. finished buying its two biggest bottlers. The companies are hoping to reinvigorate their North American soft-drink businesses, which have been hurt by tepid sales in recent years. More recently, weak consumer spending has put added pressure on the industry.
Coca-Cola reported a profit of $2.06 billion, or 88 cents a share, up from $1.9 billion, or 81 cents a share, a year earlier. Excluding restructuring and other impacts, earnings climbed to 92 cents from 82 cents as revenue increased 5% to $8.43 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 89 cents on revenue of $8.3 billion.
Volume rose 5% in the quarter, up 6% internationally and 2% in North America.
Sparkling beverages, which include Coke's carbonated-drinks business, had world-wide volume growth of 3% in the quarter from last year, including 4% growth internationally.
In the company's still beverages segment, which includes Dasani water and sports-drink brand Powerade, volume rose 11% amid 13% growth abroad.
PepsiCo. recently reported a profit jump of 12% for the latest quarter, helped by improvements in its U.S. beverages business and a rise in snack sales in Latin America. However, it trimmed the top end of its 2010 earnings-growth estimate amid plans to invest more in its global expansion, especially in emerging markets.
