Arab Today, arab today cocacola earnings edge lower due to strong dollar
Last Updated : GMT 05:43:04
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Coca-Cola earnings edge lower due to strong dollar

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Arab Today, arab today Coca-Cola earnings edge lower due to strong dollar

Coca-Cola
New York - AFP

Coca-Cola Wednesday reported slightly lower quarterly earnings on higher beverage volumes as the strong dollar weighed on international results.

Earnings for the first quarter were $1.56 billion, down 3.8 percent from the year-ago period.

Volumes of both sparkling and still beverages rose 1.0 percent. But the results were weighed down by a six percent hit from currency changes.

"We are pleased with our solid progress on the implementation and execution of our global strategic initiatives," said chief executive Muhtar Kent.

"However, we continue to view 2015 as a transition year as the benefits from the announced initiatives will take time to fully materialize amidst an uncertain and volatile macroeconomic environment."

Net income fell in three of four overseas division, with the biggest hit in Latin America, where profits came in at $578 million, down 13.5 percent from last year.

In North America, Coca-Cola's earnings rose 19.4 percent to $511 million. A two percent rise in North American still beverage volumes offset a one percent drop in sparkling beverages.

The earnings translated into 48 cents per share, six cents above analyst expectations.

Revenues rose 1.3 percent to $10.71 billion, above the 10.66 billion projected by analysts.

Dow member Coca-Cola rose 2.7 percent to $41.89 in pre-market trade.

 

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