Coke Earnings Up 15%
Earnings per share for the third quarter of 2006 were $0.62 and included a charge primarily related to asset impairment and restructuring charges, offset by a benefit primarily related to the reversal of a tax valuation allowance.
18/10/07 The Coca-Cola Company has reported third quarter earnings per share of $0.71, an increase of 15 percent versus the prior year quarter. Earnings per share for the quarter included a $0.03 per share charge primarily related to restructuring charges which was offset by a $0.03 per share gain primarily related to the sale of a portion of the Company’s investment in Coca-Cola Amatil Limited. Earnings per share for the third quarter of 2006 were $0.62 and included a charge primarily related to asset impairment and restructuring charges, offset by a benefit primarily related to the reversal of a tax valuation allowance.
"With another strong quarter of double-digit earnings growth, we are demonstrating our ability to create shareowner value from the combined strengths of our brands and our global reach," said Neville Isdell, chairman and chief executive officer, The Coca-Cola Company. "By continuing to execute -- together with our bottling partners -- our clearly defined strategies, we see further attractive opportunities ahead for the long-term sustainable growth of our system.
"Once again, this strong performance was led by our international business. Emerging market growth, combined with sequential improvement in North America, resulted in our third consecutive quarter of 6 percent unit case volume growth. Global sparkling beverage volume growth remained robust at 4 percent, and still beverages increased 14 percent as we focused on the highest value opportunities around the world. As we enter the final quarter of the year, we will continue to leverage our leading brands and strategic acquisitions and build our innovation pipeline while driving productivity."
President and chief operating officer Muhtar Kent said, "World-class system execution continues to drive balanced growth across our global markets and portfolio of products, while providing consistency and sustainability in our business. In the quarter, performance in our Latin America, Africa, Eurasia and Pacific operating groups remained robust and solid results in Japan, India and the Philippines reflected our ability to restore sustainable growth to key markets.
"As expected, our European Union Group faced difficult comparables from a strong set of results in 2006. However, I am pleased with our ability to drive results across our portfolio of brands by utilizing innovations such as Coca-Cola Zero and trademark brands such as Minute Maid. I am also encouraged by the early signs of progress in North America. Importantly, these results reflect the mindset and actions of our people who share a relentless commitment to winning around the globe."
