Coca-Cola reports Q1 earnings

ATLANTA The Coca-Cola Co. reported a 3% drop in net income, compared with the year-prior period.

Coca-Cola's net income was approximately $7.17 million, versus nearly $7.38 million during the first quarter 2008. Earnings per share was down 9% to 58 cents per share, from 65 cents per share for the first quarter ended March 28, 2008.

Operating income for the first quarter 2009 decreased 1% on a reported basis, versus the first quarter of 2008. Items impacting comparability reduced first-quarter operating income by $92 million in 2009, and by $85 million in 2008. After considering these items, operating income was even. Excluding the impact of currency, operating income increased 17%, exceeding the company’s currency neutral long-term profit target.

During the quarter, Latin America continued with strong unit case volume growth of 5%, led by a 6% increase in Mexico and a 4% increase in Brazil, as well as continued volume and value share gains in both sparkling and still beverages. Coca-Cola recently launched its "Open Happiness" campaign geared toward the Spanish-speaking community.

Globally, the company gained volume and value share in nonalcoholic ready-to-drink beverages for the seventh consecutive quarter, while still beverage unit case volume increased 9% in the quarter, led by strong growth across the portfolio, including juices and juice drinks, sports drinks, teas and water brands. Additionally, international still beverage unit case volume increased 13% in the quarter.