Coca-Cola said its profit rose in its second quarter as it raised prices, cut costs and benefited from a gain related to its purchase of a stake in energy drink maker Monster Beverage.
The Atlanta-based maker of Sprite, Dasani and Powerade said global beverage volume rose 2 percent in the quarter, with revenue climbing 4 percent when stripping out the impact of structural changes and currency exchange rates.
To offset slower growth and improve its financial performance, Coca-Cola has said it would slash costs and pour some of that money into increased marketing. With Americans cutting back on soda, the company has also been shifting its strategy to lift prices and promote packages like mini-cans and glass bottles that tend to cost a little more.
In a phone interview, Coca-Cola Chief Financial Officer Kathy Waller said the company raised prices "across all of our packages" during the period.
In North America, Coca-Cola said core revenue growth of 5 percent was driven by higher pricing and a more favorable mix of products. Its volume of carbonated drinks in the region rose by 1 percent, boosted by its expanded distribution of Monster energy drinks.
As part of its deal to buy a stake in Monster, Coca-Cola sold its own energy drink brands to Monster. That resulted in a gain during the quarter.
For the quarter ended July 3, Coca-Cola Co. said its profit rose to $3.11 billion, or 71 cents per share. Not including one-time items such as the gain related to the Monster deal, it said it earned 63 cents per share. Analysts on average expected 60 cents per share, according to Zacks Investment Research.
A year earlier, the company earned $2.6 billion, or 58 cents per share.
Total revenue was $12.16 billion, also topping the $12.15 billion Wall Street had forecast.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More