Coca-Cola (KO) beat Street estimates for both Q2 EPS and revenue.
KO posted Q2 EPS of $1.01 (not including a $0.40 impairment related to bottler Coca-Cola Enterprises (CCE)) vs. $0.96 consensus EPS. KO posted Q2 revenue of $9.05 billion vs. $8.93 billion consensus.
- Q2 EPS grew by 19%
- Q2 net revenue growth of 17%
- Worldwide unit case volume increased 3% in the quarter, led by 5% growth in International while maintaining unit case volume in North America in a “difficult operating environment”.
- Operating income up 18% on a reported basis in the quarter; increased 20% after considering items impacting comparability.
- $400 to $500 million of annualized savings targeted by year-end 2011 from productivity initiatives.