Coca-Cola reports first-quarter 2013 results

PanARMENIAN.Net - The Coca-Cola Co. reported first-quarter 2013 results before markets opened on April 16, according to 247wallst.com.

The soft-drink maker posted diluted earnings per share (EPS) of $0.39 on revenues of $11.04 billion. In the same period a year ago, the company reported EPS of $0.46 on revenues of $11.14 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.45 EPS and $11.02 billion in revenues.

Currency exchange rates cost the company 2% on comparable net revenues and 4% on operating income for the quarter. On a constant currency basis, first-quarter operating income rose 5%.

The company’s CEO said: “I am pleased with our first quarter performance results, having once again delivered solid growth against the backdrop of a still uncertain global economy.”

Worldwide the company’s volume grew 4%, but that did not translate into profits or revenues, both of which were down.

For the full year, Coca-Cola expects currency translation to have an overall impact of negative 2% on the company’s operating income.

Operationally, cost of goods was fell 1%, compared with the same period a year ago. The company continues to expect commodity costs to rise by $100 million in the 2013 fiscal year.

Coca-Cola’s shares are up nearly 3% in premarket trading, at $41.25 in a 52-week range is $35.58 to $41.41. Thomson Reuters had a consensus analyst price target of around $42.90 before today’s report.