First,
The Coca-Cola reported $12.6 billion in second quarter net operating revenue, down 1% from the same period last year. As a result the soft drink behemoth has reported a 3% decline in revenue during the first half of 2014. Net income for the quarter came in at $2.6 billion, down 3% from the prior year. Earnings per share were 58 cents, 5 cents short of Wall Street analysts' consensus estimate.
Unit case volume grew 3% for the quarter and sparkling beverage volume gained 2%. The modest growth was largely drive by Sprite which gained 6% volume. Growth, however, was uneven with the largest gains driven by targeted marketing pushes.
In China sparkling beverage volume was up 10% for the quarter partially driven by the company's Share a Coke campaign that launched in June. The stunt replaces the Coca-Cola logo with first-names in the company's iconic white script and was also introduced in the United States last month. The company also said a marketing push surrounding the World Cup drove growth for its namesake brand in North America.
Still beverage volume grew 5% with packaged water and sports drinks driving gains at plus 7% and 6% respectively. The growth was partially offset by a 1% decline in juices. The relative success in this segment reflects a trend that has pinched Coca-Cola and other soft drink companies in recent years as consumers move away from sodas in favor of beverages perceived as healthy.
Coca-Cola shares were down about 3.2% to $41 following the opening bell Tuesday. The declines comes off of a new 52-week high of $42.57 achieved Monday. Shares are up 2.6% year-to-date while the S&P 500 is up almost 7%. Shares of rival
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