Atlanta, October 15, 2008 - The Coca-Cola Company today reported third quarter earnings per share of $0.81, an increase of 14 percent versus the prior year quarter on a reported basis.
Highlights
* Third quarter EPS of $0.81, an increase of 14 percent; and $0.83 on a comparable basis, an increase of 17 percent.
* Third quarter net revenue growth of 9 percent; and 11 percent excluding impact from the disposal of certain bottlers.
* Worldwide unit case volume increased 5 percent in the quarter, led by 7 percent growth in International.
* Global volume and value share gains continue.
* Operating income increased 20 percent on a reported basis in the quarter; up 17 percent on a comparable basis.
After considering items impacting comparability, earnings per share in the quarter were $0.83, an increase of 17 percent. Earnings per share for the quarter included a net charge of $0.02 per share for restructuring charges and costs related to global productivity initiatives partially offset by a gain on the sale of a portion of the Company's investment in the Pakistan bottler. Earnings per share for the third quarter of 2007 were $0.71 and included a charge of $0.03 per share, primarily related to restructuring charges, which was offset by a $0.03 per share gain primarily related to the sale of a portion of the Company's investment in Coca-Cola Amatil Limited.
"We once again demonstrated our ability to perform consistently, delivering our eighth consecutive quarter of double-digit comparable earnings growth, despite an incredibly challenging economic environment," said Muhtar Kent, president and chief executive officer, The Coca-Cola Company.
"We are managing our business for the future with continued investment behind our brands and an increased focus on effectiveness and efficiency. These efforts support long-term growth while providing additional flexibility to enable sustainable results. Importantly, our strategies are working as we diligently work alongside our bottling partners to continue to deliver global volume and value share gains.
"Our system's ability to adapt to changing economic and consumer environments was key to our success during the quarter, and we believe that this adaptability will continue to be crucial to the business going forward. Our International operations, in particular the emerging markets, continue to drive our growth, more than offsetting the challenges that we are addressing in North America.
"We anticipate that the operating environment, especially in North America, will continue to be challenging as we finish 2008 and move into 2009. However, we have been diligent in taking the evolving landscape into account as we are planning for 2009, and believe that the solid fundamentals of our business, our strong balance sheet and cash generating capability, the experience of our management team and the strength of our brands will drive the business through these difficult economic times. With our continued focus on superior execution and driving productivity, I remain confident that the Coca-Cola system is well positioned for the future."