Coca-Cola Strong on International Sales
Kent: "Our performance in the first quarter further builds on our success in 2007 in every respect. Our international business once again led the way, with both sparkling and still beverages contributing to our results."
17/04/08 The Coca-Cola Company reported first quarter earnings per share of $0.64, an increase of 19 percent versus the prior year on a reported basis, and $0.67 after considering items impacting comparability, an increase of 20 percent. Earnings per share for the quarter included a net charge of $0.03 per share primarily related to restructuring charges and asset write-downs. Earnings per share for the first quarter of 2007 were $0.54, which included a net charge of $0.02 per share primarily related to an asset write-off in the Philippines bottler, partially offset by gains on the sales of the equity interest in a Brazilian bottler and real estate in Spain.
"We have begun 2008 successfully, with another solid quarter consistent with our overriding objective of creating long-term sustainable growth," said Chairman and Chief Executive Officer Neville Isdell. "Our system’s success in executing our strategies -- from marketing and beverage innovation to effective execution at the point of sale -- continues to drive our growth. Importantly, our growth was again balanced, proving our ability to manage our portfolio of brands and geographies over time to deliver results. As Muhtar assumes executive leadership of our Company, I am confident that the strategies and programs that we together have put in place will continue to deliver long-term sustainable growth and value to our shareowners."
President and Chief Operating Officer Muhtar Kent said, "Our performance in the first quarter further builds on our success in 2007 in every respect. Our international business once again led the way, with both sparkling and still beverages contributing to our results. We do recognize there is still much more work to be done, especially in our flagship North America market with its challenging economic environment.
"I remain optimistic about the progress we are making and committed to continued improvement in the execution of our strategies. Even in the face of a difficult macroeconomic climate, I believe that by continuing to collaborate with our bottling partners and maintaining an unrelenting focus on integrated consumer marketing and commercial and franchise leadership, we will achieve another successful year for The Coca-Cola Company."
