New York, July 19 (FinanceEnquiry.com) – The Coca-Cola Company (NYSE: KO), the iconic maker of Coca-Cola, Fanta, Sprite and many other beverages reported on Tuesday that its second-quarter profit inched lower to $2.79 billion, or $1.21 per share, compared with $2.8 billion, or $1.20 a share, in the year-earlier period, when more shares were outstanding. However, despite the world economy being in the doldrums, revenue of the company grew 3 percent, to $13.09 billion.
Despite higher ingredient costs and a 4 percent drop in sales in Europe due to hostile weather and economic and financial crises, Coke’s performance held up against all odds. However, the outlook is not rosy as per the Chief Executive, Muhtar A Kent who warned analysts that the company is passing through a challenging global economy. He said that the company performed well in this environment as its sales volume was up 4 percent worldwide and 1 percent in North America.
Kent said that the company used a mix of packaging sizes that allowed it to adjust various prices and profit margins, with lower prices for plastics, aluminum and other commodities.
Coca-Cola faced an unexpected challenge in the second quarter from Americans staying at home and not moving out in their cars for summer vacations and as a result, people bought lower-margin multipacks of sodas than the more profitable single-serving sizes sold in gasoline stations and convenience stores.
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