Coca-Cola (NYSE:KO) reported mixed third-quarter results on Tuesday, led by emerging market growth in Thailand and India that helped push revenues above Wall Street expectations.
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Weakness in Europe and negative foreign exchange rates, though, offset some of the global volume growth and earnings just met estimates.
The Atlanta-based beverage company posted net income of $2.3 billion, or 50 cents a share, compared with a year-earlier profit of $2.2 billion, or 48 cents.
Excluding one-time items, the maker of brands like Sprite, Fanta and Minute Maid earned 51 cents, matching average analyst estimates in a Thomson Reuters poll.
Revenue for the three months ended Sept. 28 was $12.34 billion, up slightly from $12.25 billion a year ago, missing the Street’s view of $12.41 billion.
Global volumes grew 4% during the quarter, up across every geographic operating group including 2% in North America and 5% in international markets.
“We realized growth in the quarter across all five of our global geographic operating groups, despite continued volatility in the worldwide economy,” Coca-Cola CEO Muhtar Kent said in a statement. “We have been able to crack the calculus for growth in this environment.”
Emerging markets were a bright spot for Coke this quarter, with volumes growing 7% in fast-growing developing countries such as Thailand and India, which posted 19% and 15% growth, respectively.
While financial turmoil in Europe and weather-related issues weighed on Coca-Cola’s operations in Europe, volumes there still grew 1% year-over-year. Reported revenues, though, fell 8% on negative foreign exchange rates and price/mix.
Shares of Coca-Cola ticked narrowly lower Tuesday morning to $38.03.