The Coca-Cola Company Reports Third Quarter and Year-to-Date 2013 Results

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The Coca-Cola Company Reports Third Quarter and Year-to-Date 2013 Results

2% global volume growth in the third quarter with 2% growth in global price/mix

Global value share gains in total nonalcoholic ready-to-drink beverages


Brand Coca-Cola volume growth of 2% worldwide and 2% in North America in the third quarter

Third Quarter and Year-to-Date 2013 Highlights

  • Third quarter volume grew 2% and year-to-date volume grew 2%. Coca-Cola Americas grew 1% in both the quarter and year to date and Coca-Cola International grew 3% in both the quarter and year to date.
  • Global value share gains achieved in the quarter in total nonalcoholic ready-to-drink (NARTD) beverages and in core sparkling and still beverages.
  • Reported net revenues declined 3% in the third quarter and 2% year to date. Excluding the impact of structural changes, comparable currency neutral net revenues grew 4% in the quarter and 3% year to date.
  • Reported operating income declined 12% in the third quarter and 6% year to date. Excluding the impact of structural changes, comparable currency neutral operating income grew 8% in the quarter and 6% year to date.
  • Currency was a 2% headwind on comparable net revenues and a 5% headwind on comparable operating income in the quarter.
  • Third quarter reported EPS was $0.54, up 8%, and comparable EPS was $0.53, up 4%, despite an approximate 5% currency headwind.Year-to-date reported EPS was $1.52, down 2%, and comparable EPS was $1.62, up 4%, despite two fewer selling days in the first nine months of 2013 and an approximate 4% currency headwind.

ATLANTA--(BUSINESS WIRE)-- The Coca-Cola Company today reported third quarter and year-to-date 2013 results, with continued global value share gains in total nonalcoholic ready-to-drink (NARTD) beverages.

Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company said, "We delivered sound third quarter results in the confines of an ongoing challenged macroeconomic environment driven by increasing volatility across emerging markets. Our global volume grew 2% in the quarter and we continued to grow worldwide value share in total nonalcoholic ready-to-drink beverages due to the strength of our portfolio, the diversity of our global footprint and an ongoing concerted focus on marketplace execution. While we saw sequential improvement in the business compared to the second quarter, together with our global bottling partners, we remain constructively discontent and resolutely focused on further advancing our growth trajectory.

"While we are certainly not immune to the impact of global macroeconomic events, our 2020 Vision and long-term strategies remain firmly intact. Together with our global bottling partners, we are investing in our brands and our capabilities to further strengthen our system and to drive sustainable growth and value. Importantly, the Company remains committed to its long-term performance goals and to delivering shareowner returns by always providing our consumers with the brands and beverages they love."

PERFORMANCE HIGHLIGHTS

The Coca-Cola Company reported worldwide volume growth of 2% in the third quarter against the backdrop of increasing volatility in several emerging markets, bringing year-to-date worldwide volume growth to 2%. Coca-Cola Americas grew volume 1% in both the quarter and year to date, with North America volume up 2% and Latin America volume even in the quarter. Coca-Cola International grew volume 3% in both the quarter and year to date, with third quarter Pacific volume up 5%, Eurasia and Africa volume up 4%, and Europe volume down 1%. The Company reported solid volume growth in the quarter in key developed markets, including Germany (+3%), the Northwest Europe and Nordics business unit (+3%), and North America (+2%). Our China business grew volume 9% and India delivered 6% volume growth in the quarter driving sequential improvements for both countries compared to last quarter due to a focus on execution amidst normalized weather.

We grew global value share in NARTD beverages for the 25th consecutive quarter, with volume and value share gains across core sparkling, juice and juice drinks, sports drinks, and ready-to-drink tea. Brand health remains strong, with improvements in favorite brand scores for brand Coca-Cola, Sprite and Fanta. Our immediate consumption beverage volume continued to grow, up 2% globally in both the quarter and year to date, driven by focused in-store activation efforts and continued cold-drink equipment expansion.

Worldwide sparkling beverage volume was up 1% in the quarter and 2% year to date. We grew global volume and value share in core sparkling beverages in the quarter, led by brand Coca-Cola, as we continued successful marketing campaigns such as "Share a Coke" across many markets around the world and continued to offer consumers relevant price and package size choices as well as promotions centered on "Coke with Meals". Worldwide brand Coca-Cola volume grew 2% in both the quarter and year to date, with growth in the quarter across diverse markets, including Thailand (+27%), India (+22%), Russia (+11%), the Philippines (+9%), Germany (+8%) and North America (+2%). In September, we launched the 2014 FIFA World CupTM Trophy Tour, inviting fans across 89 countries to celebrate the trophy that is presented to the country winning the FIFA World CupTM. The tour will be at the heart of Coca-Cola's most extensive FIFA World CupTM marketing campaign to date, covering more than 170 markets globally. Sprite volume grew 3% in the quarter, driven by the activation of global marketing campaigns in locally relevant ways such as the Sprite "Obey You"campaign.

Worldwide still beverage volume grew 3% in the quarter, cycling strong 10% growth, with volume growth across most beverage categories and volume and value share gains in ready-to-drink tea, juice and juice drinks, and sports drinks. Ready-to-drink tea volume grew 5% in the quarter, with strong performance of key brands such as Gold Peak and Honest Tea in North America, Ayataka green tea in Japan and Fuze Tea across multiple markets worldwide. Energy drinks volume grew 4% in the quarter. Packaged water volume grew 5% in the quarter, led by Dasani, as we continue to focus on innovative and sustainable packaging and marketing programs.

  

OPERATING REVIEW

Three Months Ended September 27, 2013
% Favorable / (Unfavorable)

Unit Case

Volume

  

Net

Revenues

  

Operating

Income

  

Comparable

Currency

Neutral


Operating

Income

          
Total Company2  (3)  (12)  7
          
Eurasia & Africa4  (4)  (6)  5
Europe(1)  10  6  6
Latin America    (2)  11
North America2  1  (3)  3
Pacific5  (9)  (6)  8
Bottling Investments(18)  (17)  (48)  (11)
 
Nine Months Ended September 27, 2013
% Favorable / (Unfavorable)

Unit Case

Volume

Net

Revenues

Operating

Income

Comparable

Currency

Neutral


Operating

Income

          
Total Company2  (2)  (6)  5
          
Eurasia & Africa9  3  5  13
Europe(2)  2  (1)  
Latin America2  3  2  11
North America    (8)  
Pacific3  (6)  (3)  3
Bottling Investments(14)  (10)  10  25
 

Eurasia & Africa

  • Our Eurasia and Africa Group's volume grew 4% in the quarter and 9% year to date, cycling 11% growth in the prior year quarter. Volume growth in the third quarter was once again led by Middle East and North Africa, up 8% (up 5% excluding the benefit of acquired volume) and Central, East and West Africa, up 6%. Reported net revenues for the quarter decreased 4%, reflecting a 4% increase in concentrate sales, offset by unfavorable price/mix of 1% and a 7% currency headwind. Comparable currency neutral net revenues increased 3% in the quarter. Reported operating income decreased 6% in the quarter. Comparable currency neutral operating income increased 5% in the quarter, driven by volume, pricing, product mix and the timing of expenses.
  • During the quarter, Eurasia and Africa maintained volume share in total NARTD beverages and grew volume share in sparkling beverages and juice and juice drinks. Sparkling beverage volume grew 4% in the quarter, led by brand Coca-Cola, which grew 3%, as we continued to focus on driving executional capabilities in the marketplace, expanding consumer choice in package and price options focusing on affordability, and driving integrated marketing campaigns such as "Thirsty for Summer" and "Coke with Meals". Sprite volume grew 4% in the quarter as we launched the Sprite "Obey You" campaign across many markets. Still beverage volume grew 3% in the quarter, including the benefit of acquired brands. In Russia, we gained volume and value share in core sparkling beverages, juice and juice drinks, and sports drinks, as we continued to drive strong performance in our premium sparkling and juice brands supported by a "Summer Refreshment" integrated marketing campaign across the country. Key contributors to volume growth in the quarter were brand Coca-Cola, Dobriy and Schweppes.

Europe

  • Our Europe Group's volume declined 1% in the quarter and 2% year to date, cycling a 1% increase in the prior year quarter. The underlying macro environment in Europe continued to be volatile in the third quarter, especially in southern Europe, where unemployment remains high and consumer confidence remains low. Reported net revenues grew 10% in the quarter, reflecting even concentrate sales, positive price/mix of 8%, and a 2% currency tailwind. Price/mix includes the benefit of consolidating the innocent branded juice and smoothie business. Comparable currency neutral net revenues increased 8% in the quarter. After adjusting for unit case sales without concentrate sales equivalents, concentrate sales in the quarter were roughly in line with unit case sales. Reported operating income increased 6% in the quarter. Comparable currency neutral operating income also increased 6% in the quarter, reflecting pricing, product mix and the timing of expenses, partially offset by higher cost of goods sold and operating expenses due to the consolidation of the innocent branded juice and smoothie business.
  • During the quarter, the Europe Group gained volume share in core sparkling and juice and juice drinks. The popular "Share a Coke" marketing campaign continued across most of Europe and was launched in Iberia in September. We saw improved performance in northern Europe as evidenced by a return to growth for both our Northwest Europe and Nordics business unit and our Germany business unit, with each delivering 3% volume growth in the quarter supported by the "Share a Coke" campaign, the "Coke with Meals" program and the "Crazy for Good" campaign encouraging random acts of kindness. Southern Europe remains challenging, as our Central and Southern Europe (CSE) and Iberia business units managed through ongoing challenging macroeconomic conditions, with CSE gaining volume share and Iberia maintaining volume share in total NARTD beverages through an occasion-based package, price and channel segmentation strategy and brand-building programs.

Latin America

  • Our Latin America Group's volume was even in the quarter, cycling 5% growth in the prior year quarter, and grew 2% year to date. Volume in the quarter was up 5% in Latin Center and up 3% in South Latin. Brazil volume declined 1% in the quarter, cycling 6% growth in the prior year quarter, against the backdrop of a deteriorating macroeconomic environment. Mexico volume decreased 2% in the quarter, cycling strong 6% growth in the prior year quarter and reflecting both a slower economy and significant disruption caused by hurricanes Manuel and Ingrid in September. Reported net revenues for the quarter were even, reflecting a 3% decrease in concentrate sales and positive price/mix of 12%, offset by a currency headwind of 9%. Comparable currency neutral net revenues increased 10% in the quarter. Concentrate sales in the quarter lagged unit case sales primarily due to the timing of shipments. Reported operating income was down 2% in the quarter, with comparable currency neutral operating income up 11%, primarily reflecting pricing and product mix partially offset by strong marketing investments.
  • During the quarter, the Latin America Group gained volume share in total NARTD, sparkling beverages and still beverages. This performance was driven by continued activation of campaigns such as "Coke with Meals", "Crazy for Good", and sponsorship of the upcoming 2014 FIFA World CupTM, as well as investments in cold-drink equipment and continued segmentation across multiple price points and package sizes. In the quarter, Sprite volume was up 3% and Fanta volume was up 1%. Still beverage volume grew 2% in the quarter, driven by growth in juice and juice drinks, sports drinks, value-added dairy and packaged water.

North America

  • Our North America Group's volume grew 2% in the quarter, cycling 2% growth in the prior year quarter, and was even year to date. Reported and comparable currency neutral net revenues for the quarter grew 1%, reflecting 2% growth in "as reported" volume and even price/mix, partially offset by a 1% impact from structural changes. Third quarter reported operating income declined 3%. Comparable currency neutral operating income grew 3% in the quarter, reflecting solid volume performance and the efficient management of operating expenses.
  • During the quarter, North America gained volume and value share in NARTD beverages as we remain focused on our core strategies of building strong brands, creating value with customers and building system capabilities to sustain our success. In addition, we gained volume and value share in both sparkling and still beverages, and gained volume and value share in juice and juice drinks, packaged water, ready-to-drink tea, and energy drinks. Sparkling beverage volume was even in the quarter with sparkling beverage price/mix growth of 1% as we remain committed to a rational pricing environment. All five of our largest sparkling brands (Coca-Cola, Diet Coke, Coca-Cola Zero, Sprite and Fanta) saw sequential improvement compared to last quarter, led by brand Coca-Cola, up 2% in the quarter. Coca-Cola Zero volume grew 5% in the quarter with strong activation around the launch of Caffeine Free Coca-Cola Zero. Still beverage volume grew 5% in the quarter, with balanced growth across all categories. Our ready-to-drink tea portfolio delivered double-digit growth in the quarter, fueled by our multi-brand strategy with growth in Gold Peak, Honest Tea and Fuze. Our portfolio of juice and juice drink brands grew volume 4% in the quarter, with the Simply trademark up 7%. Our packaged water portfolio grew volume 5% in the quarter, led by Dasani.

Pacific

  • Our Pacific Group's volume grew 5% in the quarter and 3% year to date, cycling 4% growth in the prior year quarter. Reported net revenues for the quarter declined 9%, reflecting 6% concentrate sales growth, offset by unfavorable price/mix of 3%, a 6% currency headwind, and a 6% structural impact, primarily related to the deferral of revenue and gross profit associated with the intercompany portion of concentrate sales to Coca-Cola East Japan (CCEJ) subsequent to the closing of the merger of four bottlers to create CCEJ on July 1, 2013. The unfavorable price/mix in the quarter was primarily a result of geographic mix as well as shifts in product and package mix within individual markets. Comparable currency neutral net revenues increased 2%. Concentrate sales in the quarter were ahead of unit case sales due to timing, primarily in China and Japan. For the full year, we expect concentrate sales to be in line with unit case sales. Reported operating income decreased 6% in the quarter. Comparable currency neutral operating income increased 8% in the quarter, reflecting volume growth and the efficient management of operating expenses.
  • Volume growth in the quarter was broad based, with 21% growth in Vietnam, 9% growth in China, 8% growth in Thailand and 6% growth in India. Sparkling beverage volume growth was 5% in the quarter, led by brand Coca-Cola, up 7%, and Sprite, up 5%. Still beverage volume grew 5% in the quarter, with double-digit growth in packaged water. In India, we gained volume and value share in NARTD beverages as well as in sparkling and still beverages in the quarter. India sparkling beverage volume growth in the quarter was led by brand Coca-Cola, up 22%, and driven by strong integrated marketing campaigns and continued expansion of packaging choices to consumers. Japan's sparkling beverage volume grew 1% in the quarter, supported by music-themed integrated marketing campaigns such as the "Zero Limit" campaign for Coca-Cola Zero, which grew 6%. China's sparkling beverage volume grew 8% in the quarter, supported by our popular "Share a Coke" integrated marketing campaign, and still beverage volume grew 10%.

Bottling Investments

  • Our Bottling Investments Group's (BIG) volume grew 8% in the quarter on a comparable basis after adjusting for the net impact of structural changes, primarily the deconsolidation of the Philippine and Brazilian bottling operations in 2013. BIG volume including the impact of structural changes was down 18% in the quarter and 14% year to date. Volume growth in the quarter after adjusting for the impact of structural changes was led by China and Germany, as well as markets within BIG's Southeast Asian operations. Reported net revenues for the quarter declined 17%. This reflects the 8% volume growth and a currency tailwind of 2%, offset by unfavorable price/mix of 2% and a 25% net impact due to structural changes. Comparable currency neutral net revenues declined 19% in the quarter. Reported operating income in the quarter declined 48%. Comparable currency neutral operating income decreased 11% in the quarter, reflecting structural changes, primarily the deconsolidation of the Philippine and Brazilian bottling operations in 2013, partially offset by the increase in revenues resulting from volume growth and positive pricing in select markets.

FINANCIAL REVIEW

Third quarter reported net revenues declined 3%, with comparable net revenues down 2%. The 3% decline reflects a 1% increase in concentrate sales and 2% price/mix, offset by a 4% impact from structural changes, principally the deconsolidation of bottling operations in the Philippines and Brazil, and a 2% currency headwind. Excluding the impact of structural changes, comparable currency neutral net revenues grew 4% in the quarter and 3% year to date. We anticipate that the Philippine bottling transaction, together with the bottling transaction in Brazil, will reduce our full-year 2013 reported net revenues by 3%. Concentrate sales in the quarter were slightly below unit case sales primarily due to timing. After adjusting for unit case sales without concentrate sales equivalents, year-to-date concentrate sales were in line with unit case sales. For the full year, we expect concentrate sales to be in line with unit case sales. We achieved solid pricing across key markets around the world leading to global NARTD value share growth for the 25th consecutive quarter.

Reported and comparable cost of goods sold both decreased 1% in the quarter, reflecting a 1% increase in concentrate sales offset by the impact of structural changes, primarily the deconsolidation of the Philippine and Brazilian bottling operations in 2013. Currency reduced comparable cost of goods sold in the quarter by 1%. Excluding the impact of structural changes, comparable currency neutral cost of goods sold was up 6% in the quarter. Items impacting comparability in the quarter primarily included net gains/losses on commodities hedging.

Reported SG&A expenses declined 4% in the quarter and comparable SG&A expenses declined 5%. Currency reduced comparable SG&A expenses by 1% in the quarter. Excluding the impact of structural changes, comparable currency neutral SG&A expenses were even in the quarter, as we captured five points of operating expense leverage even as we solidly increased our direct marketing expenses. The structural changes in the quarter primarily reflect the deconsolidation of the Philippine and Brazilian bottling operations in 2013. We continue to expect to achieve low single-digit operating expense leverage for the full year.

Third quarter reported operating income decreased 12%. Excluding the impact of structural changes, primarily the deconsolidation of the Philippine and Brazilian bottling operations in 2013, comparable currency neutral operating income grew 8% in the quarter and 6% year to date. Items impacting comparability reduced third quarter 2013 operating income by $376 million and increased third quarter 2012 operating income by $3 million. Currency reduced comparable operating income by 5% in the quarter. Including our hedge positions, current spot rates and the cycling of our prior year rates, we estimate currency will have a5% to 6% unfavorable impact on comparable operating income for the fourth quarter and a 4% unfavorable impact for the full year. Further, we anticipate that the Philippine bottling transaction, together with the bottling transaction in Brazil, will have a 1% structural impact on our full-year 2013 operating income, with this decline offset by a related improvement in equity income. For the third quarter, equity income came in lower than in the prior year quarter due to ongoing challenging macroeconomic conditions around the world.

Year-to-date net share repurchases totaled $2.8 billion. We are targeting net share repurchases of $3.0 to $3.5 billion for the full year.

Third quarter reported EPS was $0.54 and comparable EPS was $0.53. Items impacting comparability increased third quarter 2013 reported EPS by a net $0.01 and reduced third quarter 2012 reported EPS by a net $0.01. In both periods, these items included restructuring charges, costs related to global productivity initiatives, net gains/losses related to our economic hedges, primarily commodities, and certain tax matters. Items impacting comparability in third quarter 2013 also included transaction gains and impairment charges. Items impacting comparability in third quarter 2012 also included charges related to changes in the structure of Beverage Partners Worldwide (BPW), charges related to the supply of Brazilian orange juice and charges related to equity investees.

Year-to-date cash from operations was $7,712 million, a decrease of 2% versus the prior year. The decrease was primarily attributable to the impact of having two fewer selling days versus the comparable period in the prior year, the impact of foreign currency exchange rates, an increase in tax payments and the effect of the deconsolidation of the Philippine and Brazilian bottling operations during 2013.

Effective Tax Rate

The reported effective tax rate for the quarter was 27.4%. The underlying effective tax rate on operations for the quarter was 23.0%. The variance between the reported rate and the underlying rate was due to the tax effect of various items impacting comparability, separately disclosed in this document in the Reconciliation of GAAP and Non-GAAP Financial Measures schedule.

The underlying effective tax rate does not reflect the impact of significant or unusual items and discrete events, which, if and when they occur, are separately recognized in the appropriate period.

Items Impacting Prior Year Results

First quarter 2012 results included a net gain of $0.01 per share due to gains related to equity investees and net gains related to our economic hedges, partially offset by restructuring charges, costs related to global productivity initiatives, charges related to changes in the structure of BPW and charges related to the supply of Brazilian orange juice.

Items impacting results had no net effect on second quarter 2012 reported EPS. These items included gains related to equity investees and certain tax matters, offset by restructuring charges, costs related to global productivity initiatives, charges related to changes in the structure of BPW, charges related to the supply of Brazilian orange juice and net losses related to our economic hedges.

Third quarter 2012 results included a net charge of $0.01 per share due to restructuring charges, costs related to global productivity initiatives, charges related to changes in the structure of BPW, charges related to the supply of Brazilian orange juice and charges related to equity investees, partially offset by net gains related to our economic hedges.

NOTES

  • All references to growth rate percentages, share and cycling of growth rates compare the results of the period to those of the prior year comparable period.
  • "Concentrate sales" represents the amount of concentrates, syrups, beverage bases and powders sold by, or used in finished beverages sold by, the Company to its bottling partners or other customers.
  • "Sparkling beverages" means NARTD beverages with carbonation, including energy drinks and carbonated waters and flavored waters.
  • "Still beverages" means nonalcoholic beverages without carbonation, including noncarbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and noncarbonated energy drinks.
  • All references to volume and volume percentage changes indicate unit case volume, except for the reference to volume included in the explanation of net revenue growth for North America. All volume percentage changes, unless otherwise noted, are computed based on average daily sales. "Unit case" means a unit of measurement equal to 24 eight-ounce servings of finished beverage. "Unit case volume" means the number of unit cases (or unit case equivalents) of Company beverages directly or indirectly sold by the Company and its bottling partners to customers.
  • For both North America and Bottling Investments Group, net revenue growth attributable to volume reflects the percentage change in "as reported" volume, which is based on as reported sales rather than average daily sales and includes the impact of structural changes, where applicable. For North America, this volume represents Coca-Cola Refreshments' unit case sales (which are equivalent to concentrate sales) plus concentrate sales to non-Company-owned bottling operations.
  • Year-to-date 2013 financial results were impacted by two fewer selling days, and fourth quarter 2013 financial results will be impacted by one additional selling day. Unit case volume results for the quarters are not impacted by the variance in selling days due to the average daily sales computation referenced above.
  • In January 2012, the Company announced that Beverage Partners Worldwide (BPW), our joint venture with Nestlé in the ready-to-drink tea category, will focus its geographic scope primarily in Europe and Canada. The joint venture was phased out in all other territories by the end of 2012, and the Company's agreement to distribute products in the United States terminated at the end of 2012. We have eliminated the BPW and Nestlé licensed volume and associated concentrate sales for the year ended Dec. 31, 2012 in those countries impacted by these structural changes.
  • As previously announced, effective Jan. 1, 2013, the Company transferred our India and South West Asia business unit from the Eurasia and Africa operating segment to the Pacific operating segment. The countries included in our India and South West Asia business unit are Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka. This change in organizational structure did not impact the other geographic operating segments, Bottling Investments or Corporate. The reclassified historical operating segment data reflecting the change in organizational structure was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on March 21, 2013.
  • The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, management believes that certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial information does not represent a comprehensive basis of accounting.

CONFERENCE CALL

We are hosting a conference call with investors and analysts to discuss third quarter and year-to-date 2013 results today, Oct. 15, 2013 at 9:30 a.m. EDT. We invite investors to listen to a live audiocast of the conference call at our website, http://www.coca-colacompany.com in the "Investors" section. A replay in downloadable MP3 format will also be available within 24 hours after the audiocast on our website. Further, the "Investors" section of our website includes a reconciliation of non-GAAP financial measures that may be used periodically by management when discussing our financial results with investors and analysts to our results as reported under GAAP.

 

THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(UNAUDITED)
(In millions except per share data)
      
Three Months Ended
September 27,
2013
September 28,
2012
% Change1
Net Operating Revenues$12,030$12,340(3)
Cost of goods sold  4,793  4,853  (1)
Gross Profit7,2377,487(3)
Selling, general and administrative expenses4,4244,630(4)
Other operating charges  341  64  429
Operating Income2,4722,793(12)
Interest income13611815
Interest expense90102(11)
Equity income (loss) — net204252(19)
Other income (loss) — net  658  23  2,906
Income Before Income Taxes3,3803,08410
Income taxes  925  755  23
Consolidated Net Income2,4552,3295
Less: Net income attributable to noncontrolling interests  8  18  (61)
Net Income Attributable to Shareowners of The Coca-Cola Company  $2,447  $2,311  6
Diluted Net Income Per Share2  $0.54  $0.50  8
Average Shares Outstanding — Diluted2  4,498  4,587  Read Full Story

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