MILWAUKEE - Coca-Cola Co.’s second-quarter profit rose 43 percent, and the world’s largest beverage maker said yesterday its rapid overseas growth helped offset weak domestic volumes, even as foreign currency exchange dragged down sales.
Results for the maker of Coke, Sprite, and VitaminWater beat expectations, though the stock fell slightly as investors reacted to the company’s announcement that it expected foreign currency to drag down results by as much as 14 percent, the same amount in the third quarter.
But these international sales are helping carry the company right now and setting it up for long-term growth, said Edward Jones analyst Jack Russo.
International sales volume rose 5 percent in the quarter, with double-digit gains in China and India, while domestic sales volume fell 1 percent, reflecting the trend of North American consumers cutting back on their spending. Overall sales volume rose 4 percent.
For the three months ending July 3, Coca-Cola said it earned $2.04 billion, or 88 cents per share, up from $1.42 billion, or 61 cents per share, a year earlier.