The Coca-Cola Company Reports Second Quarter And Half Year 2007 Results
The Coca-Cola Company today reported second quarter earnings per share of $0.80, which included a net charge of $0.05 per share primarily related to restructuring charges and a non-cash impairment charge at an equity investee. Earnings per share for the quarter increased 3 percent on a reported basis and 15 percent after considering items impacting comparability in both the current and prior year quarters. Earnings per share for the second quarter of 2006 were $0.78 and included a net benefit of $0.04 per share, primarily related to the gain on sale of shares in the initial public offering of the Turkish bottler.
“We delivered another strong quarter,” said Neville Isdell, chairman and chief executive officer, The Coca-Cola Company. "While very pleased with this performance, we must underscore that we continue to manage for the long term. An overall favorable global environment has assisted our concerted and successful actions in the market place.
“This is our second consecutive quarter of 6 percent unit case volume growth and double-digit comparable earnings growth. We continue to demonstrate the growth potential of sparkling beverages, which delivered 4 percent growth in the quarter, while also driving 12 percent growth across our ever-expanding still portfolio. As we enter the second half of the year, we remain focused on leveraging our leading brands, building our innovation pipeline and driving productivity – the platform for delivering long-term sustainable growth.”
“The second quarter was a significant one for The Coca-Cola Company,” said Muhtar Kent, president and chief operating officer, The Coca-Cola Company. “Not only did we deliver strong, broad-based growth, but we also successfully completed the acquisition of glacéau, demonstrating our commitment to restoring growth in our flagship market of North America. Our results continue to be led by our international operations, which once again delivered 9 percent unit case volume growth. Performance in important markets, such as Japan, Germany, India and the Philippines, is showing signs that the actions we’ve taken are working. Much work remains to be done as our business and industry evolves, but each quarter – including now in North America – we are making steady progress. I am confident that with our focused and effective strategic agenda supported by a renewed confidence within our organization, we will continue to deliver growth and value to our shareowners over the long term.”
(All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period.)
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