Coca-Cola Co. (NYSE: KO) reported its second-quarter financial results Wednesday before the markets opened. The giant beverage maker had $0.71 in earnings per share (EPS) on $12.2 billion in revenue. That compared to Thomson Reuters consensus estimates of $0.60 in EPS on $12.06 billion in revenue. In the same period of the previous year, it reported EPS of $0.64 and revenue of $12.55 billion.
In terms of the 2015 outlook, Coke expects a slight headwind on both net revenues and taxes, as well as a negative impact from foreign exchange rates. Finally, the company targets net share repurchases of $2.0 billion to $2.5 billion for the 2015 calendar year.
Global sparkling beverage volume growth in the quarter was led by 1% growth in brand Coca-Cola, 6% growth in Coca-Cola Zero, 3% growth in Sprite and 2% growth in Fanta. Growth in these brands was partially offset by a 7% decline in Diet Coke.
Fluctuations in foreign currency exchange rates resulted in an 11 point headwind on comparable operating income and a six point headwind on both comparable income before taxes and EPS in the quarter.
Muhtar Kent, chairman and CEO, commented on earnings:
Our second quarter results were in line with our expectations and mark continued progress toward restoring momentum in our global business. We are executing against our strategic initiatives and remain focused on driving efficiencies through productivity and making disciplined investment decisions to accelerate growth. While there is more work to do, we remain confident that we have the right plans in place and are committed to leveraging our superior brand portfolio together with our unparalleled global distribution system to continue creating long-term shareowner value.
Cash and cash equivalents at the end of the second quarter totaled $8.81 billion, compared to $8.96 billion at the end of December 2014.
Shares of Coke were up 0.5% early Wednesday, at $41.42 in a 52-week trading range of $39.06 to $45.00. The stock has a consensus analyst price target of $45.16.
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