Coca-Cola down 41 percent at mid-2002 ATLANTA (WABE) - The Coca-Cola Co. had positive growth in the second quarter, but its net income has dropped 41 percent through two quarters following the adoption of a new accounting standard and the economic crisis in Argentina.
The Atlanta-based soft drink giant (NYSE: KO) had net income of $1.29 billion on $5.37 billion in revenue in the second quarter, compared with net income of $1.12 billion on $4.65 billion in revenue for the second quarter of 2001. Coke had earnings of 52 cents a share, compared with 45 cents a share in the second quarter last year. The second-quarter results were boosted by the rollout of new soft drinks in North America, including Vanilla Coke, and a strong performance in its Asian market.
Through two quarters, net income dropped to $1.17 billion on $9.45 billion in revenue from net income of $1.98 billion on $8.61 billion in revenue at the half-way point of 2001. Coke had earnings of 47 cents a share, compared with 80 cents a share through two quarters of 2001. Year-to-date results included several non-recurring items previously reported in the first quarter, including a non-cash charge primarily related to investments in Latin America caused by the economic crisis in Argentina, a gain from the sale of Kaiser in Brazil and the implementation of a new accounting standard.
Worldwide unit case volume increased 5 percent in the quarter and 5 percent for the first six months. Year-to-date unit case growth reflects an increase of 5 percent in International operations and 4 percent in North America. The carbonated soft drink category contributed the most growth to the company on a year-to-date basis, growing at more than 2 percent. © Copyright 2012, WABE