EmailStory Stocks®
Archive
Last Update: 16-Oct-12 09:12 ET
Coca Cola shares little changed following in line EPS
Coca-Cola (KO $38.20 +0.07) reported third quarter earnings of $0.51 per share, excluding non-recurring items, in-line with the Capital IQ consensus of $0.51, while revenues rose 0.8% year/year to $12.34 billion versus the $12.39 billion consensus. "Third quarter reported net revenues grew 1%, with comparable net revenues also up 1%. This reflects a 5% increase in concentrate sales; slightly positive price/mix, rounding to even, driven by the cycling of higher price/mix comparisons from the prior year; and a 1% benefit due to structural changes, principally the acquisition of bottling operations. Currency had a 5% unfavorable effect on net revenues in the quarter. As a result, comparable currency neutral net revenues grew 6% in the quarter, in line with our long-term target. Unit case sales slightly lagged concentrate sales in the quarter.
For the full year, we expect unit case sales to be in line with concentrate sales. Our price/mix results in the quarter were in line with our expectations, as the quarter is cycling higher price/mix comparisons from the prior year. Despite the tougher comparisons, we continued to grow global NARTD value share for the 21st consecutive quarter. We estimate our full-year 2012 consolidated price/mix results to be 1% to 2%, in line with our long-term target range. Third quarter reported operating income increased 1%, with comparable currency neutral operating income also up 1%. Year-to-date net share repurchases totaled $2.3 billion. These repurchases are in line with the targeted range of $2.5 to $3.0 billion in net share repurchases for the full year."
For the full year, we expect unit case sales to be in line with concentrate sales. Our price/mix results in the quarter were in line with our expectations, as the quarter is cycling higher price/mix comparisons from the prior year. Despite the tougher comparisons, we continued to grow global NARTD value share for the 21st consecutive quarter. We estimate our full-year 2012 consolidated price/mix results to be 1% to 2%, in line with our long-term target range. Third quarter reported operating income increased 1%, with comparable currency neutral operating income also up 1%. Year-to-date net share repurchases totaled $2.3 billion. These repurchases are in line with the targeted range of $2.5 to $3.0 billion in net share repurchases for the full year."
