Net Income Up 14.2% in Quarter at Coca-Cola
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Coca-Cola Co. said its first-quarter profit rose 14.2% from a year earlier on an 11.6% gain in revenues
The soft-drink giant, which also has interests in entertainment and foods, said first-quarter net income rose to $161.2 million from $141.2 million a year earlier. The year-ago results included a $1.3-million gain from discontinued operations.
First-quarter revenue climbed to $1.9 billion from $1.7 billion.
Coke attributed the improved results to increased unit volume in its soft-drink business and the dollar’s recent depreciation against other major currencies. The unit volume of sales increased 14% in international markets and 2% in North America.
Operating income also was up in Coke’s entertainment sector, which includes Columbia Pictures, as a result of “very favorable performance from syndicated television programming,” according to Roberto C. Goizueta, chairman and chief executive.
The company’s food unit achieved “moderately higher” operating income, he said.
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