Coke Revenue Beats Estimates On China Performance
International Business Times
Published Apr 15, 2014 09:04AM ET
Updated Apr 15, 2014 09:45AM ET
Coke Revenue Beats Estimates On China Performance
By Reuters - Coca-Cola Co reported better-than-expected quarterly revenue as strong sales in China more than offset a drop in Europe and flat volumes in North America.
Global case volumes rose 2 percent in the quarter, while those in China rose 12 percent due to increased marketing around the Chinese New Year, the company said.
"Our North America Group delivered even volume versus the prior year quarter while gaining value share and maintaining volume share," the company said in a statement.
North America is the company's biggest market. Sales declined 4 percent in Europe, but rose 6 percent in both India and Russia.
The company's net income attributable to shareholders fell to $1.62 billion, or 36 cents per share, in the first quarter ended March 28 from $1.75 billion, or 39 cents per share, a year earlier.
Excluding items, earnings were 44 cents per share, matching the average analyst estimate.
Revenue fell 4 percent to $10.58 billion. Analysts on average were expecting $10.55 billion, according to Thomson Reuters I/B/E/S.
Coca-Cola shares were up 1.9 percent at $39.48 before the bell. The stock has fallen 3.5 percent in the past year, lagging a 10.64 percent increase in the broader Dow Jones Industrial Index.
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Written By: International Business Times
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