(Corrects paragraph 1 to "... failed to show growth" from
* Second-quarter N. America unit case volume sales flat
* Adjusted earnings $0.64/share vs est $0.63
* Sales fall 1 pct to $12.57 bln vs est $12.83 bln
* Shares fall as much as 4.2 pct in early trading
July 22 Coca-Cola Co reported
lower-than-expected quarterly revenue as sales volumes in North
America, its biggest market, failed to show growth for the
second straight quarter.
Shares of the maker of Sprite, Minute Maid and Powerade fell
as much as 4.2 percent to $40.61 in early trading. The stock has
gained 2.6 percent this year, lagging a 2.87 percent increase in
the broader Dow Jones Industrial Index.
Unit case volume sales were flat in North America in the
quarter ended June 27 despite increased marketing around the
FIFA World Cup and the launch of its 'Share a Coke' campaign.
JP Morgan analysts had expected volumes to be up 1-2 percent
in North America, which accounted for 45 percent of total
revenue in the second quarter.
Coke, like rival PepsiCo Inc, has been struggling
with declining soda sales in developed markets such as the
United States as consumers become more health conscious.
Still, sparkling beverages volume, which includes
carbonated energy drinks and waters, was flat in the quarter in
North America, with brand Coca-Cola volumes up 1 percent.
Overall, global unit case volumes grew 3 percent, primarily
driven by higher sales in Asia Pacific and Eurasia & Africa.
The company's net income attributable to shareholders fell
to $2.60 billion, or 58 cents per share, in the second quarter,
from $2.68 billion, or 59 cents per share, a year earlier.
Excluding items, Coke earned 64 cents per share.
Revenue fell 1 percent to $12.57 billion.
Analysts on average had expected earnings of 63 cents per
share, on revenue of $12.83 billion, according to Thomson
Coke also said its adjusted earnings would be hurt by 2
cents in the second half of the year due to the restructuring of
its juice operations in Russia and the separation of its
Brazilian bottling operations last year.
(Reporting by Siddharth Cavale in Bangalore; Editing by Maju
Samuel and Savio D'Souza)