Coke 2Q profit falls 3 percent
ATLANTA - Coca-Cola Co. on Tuesday reported earnings that declined by 3 percent in its second quarter, and beat analysts’ expectations.
The Atlanta-based company said profit fell to $2.6 billion, or 58 cents per share, from $2.68 billion, or 59 cents per share, in the same quarter a year earlier.
Earnings, adjusted for nonrecurring costs and asset impairment costs, came to 64 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
The company said revenue dropped 1.4 percent to $12.57 billion from $12.75 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $12.85 billion, according to Zacks.
Coca-Cola shares have risen $1.09, or 2.6 percent, to $42.40 since the beginning of the year, while the Standard & Poor’s 500 index has increased 6.8 percent. The stock has increased $1.56, or 3.8 percent, in the last 12 months.