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Coca-Cola Co reported weaker-than-expected sales volumes on Tuesday due to ongoing economic malaise and unusually poor weather, sending its shares down nearly three per cent.
Coca-Cola said overall volume rose one per cent, which was below its expectations, and cited slow economies in Europe, Asia and Latin America. It also said historically wet and cold weather across various regions curbed sales of soft drinks and overall consumer spending.
Coke Chief Executive Muhtar Kent said he believes the company's performance will improve in the second half of the year.
Quarterly net income dipped to $2.68 billion, or 59 cents per share, from $2.79 billion, or 61 cents per share, a year earlier.
Excluding special items, earnings were 63 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
Revenue dropped 3 per cent to $12.75 billion.
By region, sales volume fell 1 per cent in North America and 4 per cent in Europe, but rose 2 per cent in Latin America, 9 per cent in Eurasia and Africa, and 2 per cent in the Pacific region.
