by Christopher Freeburn | July 17, 2012 1:24 pm
Coca-Cola (NYSE:KO) announced today that its net income for the second quarter was $2.79 billion, down slightly from $2.80 billion during the same time last year.
The company said revenue for the quarter came in at $13.09 billion, up 3% from $12.98 billion in 2011. Adjusted EPS was $1.22 versus the $1.19 Wall Street had been looking for, Reuters noted.
Shares of Coca-Cola rose more than 1% in Tuesday afternoon trading.
The company noted that a rising U.S. dollar had negatively affected revenue by at least 4% during the current quarter and warned that it would reduce operating income by between 8% and 9% during the current quarter.
The beverage and snack-food maker said increased commodity costs drove a 5% rise in overall expenses. The company noted that soft drink prices had risen by 5% in North America during the quarter, helping to absorb the higher costs.
International sales rose 5% during the second quarter, while sales in North America edged up only 1%. Growth in emerging markets outpaced developed markets, with volume in Eurasia and Africa rising 11% compared to a decline of 4% in Europe.
Last week, Coca-Cola shareholders approved a 2-for-1 stock split, which will double the number of outstanding shares from 2.26 billion to 4.52 billion.
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