NEW YORK, July 22 (Xinhua) -- The Coca-Cola Company reported stronger-than-expected second-quarter (Q2) earnings and revenue Tuesday, as robust demand in Europe helped offset weaker sales volumes in other regions.
The company posted net income of 3.81 billion U.S. dollars, or 88 cents per share, up from 2.41 billion dollars or 56 cents per share a year ago. Excluding one-time charges and restructuring costs, adjusted earnings came in at 87 cents per share in Q2, topping analyst expectations of 83 cents, according to London Stock Exchange Group data.
Adjusted revenue reached 12.62 billion dollars in the quarter ending June 27, above the expected 12.54 billion dollars.
Global unit case volume fell 1 percent, signaling a decline in actual demand when pricing effects are stripped out. Every business segment saw shrinking volumes, except for Europe, Middle East and Africa.
Coca-Cola CEO James Quincey acknowledged that economic uncertainty and geopolitical tensions have dented consumer sentiment in some markets. But he also noted sequential improvements in demand in key regions such as the United States and Europe compared to the first quarter.
The company now plans to introduce a version of its namesake cola made with cane sugar in the United States this fall, which was also announced Tuesday. The move marks a reversal of the 1980s switch to high-fructose corn syrup, which had been driven by cost-saving efforts.
The move is expected to increase manufacturing expenses and shorten product shelf life. The company already sells a cane sugar variant, which is often called "Mexican Coke" in the U.S. market.
The company narrowed its full-year growth forecast of earnings per share to 3 percent, and reaffirmed its projection for 5 percent to 6 percent organic revenue growth in 2025. Its shares were moderately down by midday Tuesday.
