Unusually bad weather and weakened consumer spending parched earnings for the Coca-Cola Co., which recorded a 3% decline in revenue during the second quarter and a 2% drop in the first half of fiscal 2013. Earnings also took a hit in the quarter, falling 4%.
For the quarter ended June 28, the company posted net income attributable to company shareowners of $2,676 million, equal to 59c per share on the common stock, down from $2,788 million, or 61c per share, during the same quarter of the previous year. Net income for the first six months of the year was $4,427 million, or 98c per share, compared with $4,842 million, or $1.05, during the first half of last year.
“While we are not happy with our performance, we did gain global growth volume and value share in total nonalcoholic ready-to-drink beverages as well as in sparkling and still beverages in the quarter,” said Muhtar Kent, chairman and chief executive officer. “Despite headwinds in the quarter, we are committed to improving upon our results, with current dynamics leading us to believe that our performance will be better in the second half of the year.”
The company achieved 1% global volume growth during the quarter and 3% growth during the first half of the year, but volume growth fell below expectations due to slow economies in Europe, Asia and Latin America, wet and cold weather conditions across multiple regions and an industry-wide soft performance in non-alcoholic ready-to-drink beverages.
