(Source: Associated Press/AP Online)
ATLANTA - 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.
A service of YellowBrix, Inc.
