The Coca-Cola Co. (KO) said Tuesday its third-quarter profit declined less than 1 percent, with sales falling as consumers continued to limit soft drink purchases and the stronger dollar took a toll on revenue. Atlanta-based Coca-Cola says revenue slumped to $8.04 billion from $8.39 billion.
The world's biggest beverage and soft-drink maker says it earned $1.91 billion, or 81 cents per share, compared with $1.92 billion, or 81 cents per share, a year earlier. Results in the most recent quarter included a 1-cent restructuring charge.
Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, forecast profit of 81 cents per share on revenue of $8.11 billion. Shares of Coca-Cola fell $1.04 to $53.75 in premarket trading.
Sales rose in emerging markets including India, China and Brazil. The company said a strong U.S. dollar hurt earnings per share during the quarter, because about 85 percent of Coca-Cola's profit comes from sales abroad. A strong dollar dampens foreign sales for U.S. companies, because overseas sales convert back to fewer U.S. dollars.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
Why do investors make the decisions that they do?View Course »