The Coca-Cola Company Reports First Quarter 2008 Results
The Coca-Cola Company Reports First Quarter 2008 Results Wednesday April 16, 7:03 am ET -- First quarter EPS increased 19 percent to $0.64; increased 20 percent to $0.67 after considering items impacting comparability. -- Worldwide unit case volume up 6 percent for the first quarter and International unit case volume up 7 percent. -- Solid growth with sparkling beverage unit case volume up 3 percent, led by 5 percent growth in International, and still beverage unit case volume up 17 percent. -- Strong cash generation with cash from operations increasing 18 percent.
ATLANTA--(BUSINESS WIRE)--The Coca-Cola Company today reported first quarter earnings per share of $0.64, an increase of 19 percent versus the prior year on a reported basis, and $0.67 after considering items impacting comparability, an increase of 20 percent. Earnings per share for the quarter included a net charge of $0.03 per share primarily related to restructuring charges and asset write-downs. Earnings per share for the first quarter of 2007 were $0.54, which included a net charge of $0.02 per share primarily related to an asset write-off in the Philippines bottler, partially offset by gains on the sales of the equity interest in a Brazilian bottler and real estate in Spain.
“We have begun 2008 successfully, with another solid quarter consistent with our overriding objective of creating long-term sustainable growth,” said Chairman and Chief Executive Officer Neville Isdell. “Our system’s success in executing our strategies – from marketing and beverage innovation to effective execution at the point of sale – continues to drive our growth. Importantly, our growth was again balanced, proving our ability to manage our portfolio of brands and geographies over time to deliver results. As Muhtar assumes executive leadership of our Company, I am confident that the strategies and programs that we together have put in place will continue to deliver long-term sustainable growth and value to our shareowners.”
President and Chief Operating Officer Muhtar Kent said, “Our performance in the first quarter further builds on our success in 2007 in every respect. Our International business once again led the way, with