Coca-Cola (NYSE:KO) traded down about 2 percent on Tuesday morning, following an underwhelming second quarter earnings report. The beverage company reported that revenue decreased 2.6 percent on the year to $12.75 billion, missing the average forecast of $12.96 billion. Adjusted earnings increased 3.3 percent on the year to $0.63 per share, in line with expectations.
“Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter,” commented Chairman and CEO Muhtar Kent. “While we are not happy with our performance, we did gain global volume and value share in total nonalcoholic ready-to-drink beverages as well as in sparkling and still beverages in the quarter.”
Global volume grew 1 percent in the second quarter, bringing year-to-date growth to 3 percent. Coca-Cola brand volume also grew 1 percent in the second quarter, bringing year-to-date brand growth to 2 percent.