International business drives Q3 growth at Coca-Cola

by FoodBusinessNews.net Staff
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ATLANTA — Thanks to strong performance in the international business, the Coca-Cola Company reported net income up 13% in the third quarter.

For the quarter ended Sept. 28, Coca-Cola reported a net income of $1.654 billion, equal to 72c per share on the common stock, compared with $1.460 billion, equal to 62c per share, during the same quarter of the previous year.

Net operating revenue for the quarter was $7.69 billion, up 19% from $6.454 billion during the same quarter of the previous year.

"World-class systems execution continues to drive balanced growth across our global markets and portfolio of products, while providing consistency and sustainability in our business," said president and chief operating officer Muhtar Kent. "In the quarter, performance in our Latin America, Africa, Eurasia and Pacific operating groups remained robust, and solid results in Japan, India and the Philippines reflected our ability to restore sustainable growth to key markets."

The North American segment reported an operating income of $452 million, up 17% compared with the same quarter of the previous year. The segment posted net operating revenue of $2.186 billion, up 21% compared with $1.809 billion during the same quarter of the previous year. The increase in operating income was attributed to net revenue increases including a benefit from acquisitions.

For the nine months ended Sept. 28, net income was $4.767 billion, equal to $2.06 per share, up 8% compared with $4.402 billion, equal to $1.87 per share, during the same period of the previous year.

Net operating revenue for the nine months was $21.526 billion, up 19% compared with $18.156 billion during the same period of 2006.

"Emerging market growth, combined with sequential improvement in North America, resulted in our third consecutive quarter of 6% unit case volume growth," said Neville Isdell, chairman and chief executive officer. "Global sparkling beverage volume growth remained robust at 4% and still beverages increased 14% as we focused on the highest value opportunities around the world. As we enter the final quarter of the year, we will continue to leverage our leading brands and strategic acquisitions and build on our innovation pipeline while driving productivity."

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