Coca-Cola Q2 net revenue declined 3%, EPS $0.71
The Coca-Cola Company reported that net revenue declined 3% and organic revenue grew 4%, EPS was $0.71 and comparable EPS was $0.63, and global volume growth was 2%.
Growth in these brands was partially offset by a 7% decline in Diet Coke. The company gained global value and volume share in sparkling beverages in the quarter.
Global still beverage volume growth in the quarter reflects 7% growth in ready-to-drink tea, 8% growth in packaged water and double-digit growth in value-added dairy. Volume growth in these categories was partially offset by a 1% decline in juice and juice drinks attributable to price increases taken to cover higher input costs and continued industry softness in certain markets.
The company gained global value and volume share in still beverages, juice and juice drinks, ready-to-drink tea and sports drinks in the quarter.
Comparable currency neutral operating income growth outpaced organic revenue growth in the quarter primarily due to gross margin expansion and the impact of our ongoing productivity initiatives, partially offset by increased marketing investments. ■