Coca-Cola Co., the world’s largest soft-drink maker, said second-quarter profit rose 18 percent as sales in Latin America and Asia gained.
Net income advanced to $2.8 billion, or $1.20 a share, from $2.37 billion, or $1.02, a year earlier, the Atlanta-based company said today in a statement. Excluding some items, profit was $1.17 a share, topping the $1.16 average of 14 analysts’ estimates compiled by Bloomberg.
Chief Executive Officer Muhtar Kent has built new plants in emerging markets and pushed more profitable package sizes overseas to help offset limited U.S. pricing gains this year. Second-quarter net operating revenue climbed 13 percent in Latin America and 15 percent in Coke’s Eurasia and Africa division.
“Emerging markets have become a crucial priority,” Ali Dibadj, a New York-based analyst at Sanford C. Bernstein & Co., said in a note before the results were released. Dibadj rates the shares “outperform.”
Total sales rose 47 percent to $12.7 billion, helped by last year’s acquisition of the company’s largest distributor.
Coca-Cola fell 41 cents to $67.12 yesterday in New York Stock Exchange composite trading. The shares have gained 2.1 percent this year, while PepsiCo Inc. has increased 4.1 percent.
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