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THE COCA-COLA COMPANY REPORTS 21 PERCENT INCREASE IN THIRD QUARTER EARNINGS PER SHARE ON 11 PERCENT GAIN IN REVENUES

 THE COCA-COLA COMPANY REPORTS 21 PERCENT INCREASE


IN THIRD QUARTER EARNINGS PER SHARE ON 11 PERCENT GAIN IN REVENUES
 ATLANTA, Oct. 14 /PRNewswire/ -- The Coca-Cola Company (NYSE: KO) reported today that third quarter earnings per common share increased 21 percent to $0.41, on an 11 percent gain in revenues, and net income available to common share owners advanced 18 percent to $541 million. The 21 percent gain in earnings per common share comes on top of a 19 percent increase in the third quarter of 1991. For the year-to-date, earnings per common share increased 21 percent to $1.14, on top of an 18 percent increase in the prior year. Net income available to common share owners for the year-to-date advanced 20 percent to $1.5 billion.
 "Last quarter's results further demonstrated the strength and earnings reliability of our enterprise," said Roberto C. Goizueta, chairman, Board of Directors and chief executive officer. "We remain on track to record very strong earnings growth for the full year and at the same time, expect to post return on equity in excess of 40 percent," Mr. Goizueta continued. "In the third quarter, while marketing expenditures increased precisely in line with our gross profit growth, our margins expanded, due in part to lower administrative expenses. We posted record operating profit, and continued to aggressively invest with our customers and bottling partners for profitable growth in the future. All this was accomplished in a quarter in which key markets had unfavorable weather and/or economic conditions. The national economies of important world markets are either very soft or in depression, e.g., the economies of the United States, the United Kingdom, Canada, Australia, Germany, France, Japan, and, most dramatically, Brazil, which is one of our five largest volume markets outside of this country."
 In the United States, unit volume sold to retail bottle/can and fountain customers grew more than 2 percent and gallon shipments of concentrates and syrups increased 1 percent in the third quarter. Coca-Cola USA brands grew faster than the balance of the U.S. soft drink industry in the quarter, resulting in expanded market share.
 In the Northeast Europe and Africa group, unit case volume increased a strong 12 percent and gallon shipments to bottlers advanced 14 percent for the first nine months of the year. In the third quarter, unit cases grew 10 percent and gallonage increased 5 percent. Unit case growth continues to be driven by rapid expansion into new markets and infrastructure building in existing markets in East Central Europe, where the Company is now the number one soft drink marketer in Hungary, Turkey, Romania and Bulgaria. Unit case volume grew 32 percent in East Central Europe in the third quarter, including gains of 14 percent in Turkey, 12 percent in Austria, and more than 400 percent in Poland, where the Company recently opened two bottling plants.
 In the European Community, unit case volume increased 6 percent and gallon shipments of concentrates and syrups to bottlers were up 2 percent for the year-to-date. Third quarter unit cases were 1 percent below the strong volume levels of the prior year when, due to more favorable weather and much stronger local economies, volume increased by 11 percent. Unit case growth of 4 percent in Germany was offset by declines of 13 percent in Great Britain due to the very weak economy, and 19 percent in France, where volume was affected by a price increase as well as the weak economy. Gallon shipments of concentrates and syrups in the European Community fell 3 percent in the third quarter due to bottler inventory depletion.
 In the Pacific, unit case volume increased 2 percent and gallon shipments of concentrates and syrups declined 1 percent for the first nine months of the year. Unit cases grew 1 percent and gallonage fell 6 percent in the third quarter. Unit case volume in Japan was even with the prior year due to the effects of a price increase and a heavy rainy summer season during the quarter. Unit case volume increased 10 percent in Thailand, 1 percent in Australia, and 34 percent in China, offsetting a 5 percent decline in the Philippines which suffered natural disasters in the quarter that hampered distribution.
 Unit case volume in Latin America for the year-to-date was even with the prior year primarily because of an 18 percent decrease in Brazil, where economic conditions have continued to deteriorate, further eroding the consumer's purchasing power. Gallon shipments declined 1 percent in Latin America for the year-to-date. In the third quarter, unit case volume in Latin America decreased 4 percent and gallon shipments of concentrates and syrups to bottlers declined 3 percent. Unit case volume in Argentina and Mexico grew 20 percent and 5 percent, respectively, partially offsetting a 29 percent decrease in Brazil in the third quarter.
 Overall international unit cases sold to retail customers grew 3 percent and gallon shipments of concentrates and syrups to bottlers increased 2 percent for the year-to-date. In the third quarter, unit cases were even with the prior year and gallonage declined 3 percent. On a weighted average basis, the U.S. dollar was approximately 10 percent weaker in the third quarter vs. key hard currencies the same period one year ago.
 At Coca-Cola Foods, operating income increased during the third quarter as higher margins offset slightly lower volumes. Volume for all juice and juice-drink products in the third quarter was 1 percent below the strong volume performance of the prior year, when third quarter volume grew at a double digit rate.
 Income Statement and Balance Sheet Review
 Through the first nine months of 1992, The Coca-Cola Company reported record year-to-date operating profit of $2.2 billion. Revenues increased 13 percent and gross profit grew 15 percent, reflecting enhanced gross margins. Marketing expenditures increased directly in line with gross profit, continuing a pattern of aggressively investing for future growth. Slow growth in administrative and general expenses resulted in operating margin expansion and a 19 percent increase in operating profit. Net income available to common share owners advanced 20 percent, year-to-date, and fewer shares outstanding helped earnings per common share increase 21 percent.
 The Company again closed the quarter with a strong balance sheet. Net debt to net capital was 27.3 percent as of Sept. 30, 1992.
 The Company purchased approximately 3.6 million shares of its common stock in the third quarter, bringing the cumulative total to approximately 70 million shares acquired under a program to repurchase 80 million shares.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Third quarter 1992 1991 Pct. chg.
 Net operating revenues $3,507,503 $3,172,116 10.6
 Cost of goods sold 1,385,344 1,307,256 6.0
 Gross profit 2,122,159 1,864,860 13.8
 Selling, administrative and
 general expenses 1,351,203 1,220,156 10.7
 Operating income 770,956 644,704 19.6
 Interest income 46,700 44,408 5.2
 Interest expense 41,762 40,379 3.4
 Equity income 30,665 38,005 (19.3)
 Other deductions - net 18,508 21,559 ---
 Income before income taxes 788,051 665,179 18.5
 Income taxes 247,448 208,866 18.5
 Net income 540,603 456,313 18.5
 Preferred stock dividends --- --- ---
 Net income available to
 common share owners $ 540,603 $ 456,313 18.5
 Net income per common share $0.41 $0.34(a) 20.6
 Average common shares
 outstanding 1,313,646 1,332,164(a) (1.4)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992.
 THE COCA-COLA COMPANY AND SUBSIDIARIES
 (In thousands, except per share data)
 Nine months 1992 1991 Pct. chg.
 Net operating revenues $9,829,769 $8,692,613 13.1
 Cost of goods sold 3,790,426 3,457,063 9.6
 Gross profit 6,039,343 5,235,550 15.4
 Selling, administrative and
 general expenses 3,852,476 3,403,583 13.2
 Operating income 2,186,867 1,831,967 19.4
 Interest income 120,205 125,680 (4.4)
 Interest expense 128,177 149,118 (14.0)
 Equity income 61,923 78,599 (21.2)
 Other deductions - net 47,386 50,949 ---
 Income before income taxes 2,193,432 1,836,179 19.5
 Income taxes 688,738 576,560 19.5
 Net income 1,504,694 1,259,619 19.5
 Preferred stock dividends --- 521 ---
 Net income available to
 common share owners $1,504,694 $1,259,098 19.5
 Net income per common share $1.14 $0.94(a) 21.3
 Average common shares
 outstanding 1,319,300 1,334,108(a) (1.1)
 (a) Net income per common share and average common shares outstanding have been adjusted to reflect a two-for-one stock split, effective May 1, 1992. Earnings per common share in 1991 include a reserve of $0.01 for potential one-time charges related to bottler litigation.
 -0- 10/14/92
 /CONTACT: Linda Peek of The Coca-Cola Company, 404-676-4848/
 (KO) CO: The Coca-Cola Company ST: Georgia IN: FOD SU: ERN


BN-EA -- AT001 -- 9675 10/14/92 08:12 EDT
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