The Coca‑Cola Company Reports Second Quarter and Year-To-Date 2014 Results


Worldwide volume growth of 3% in the quarter

Worldwide sparkling volume growth accelerated to 2% in the quarter, with brand Coca‑Cola up 1% both globally and in North America

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

Second Quarter and Year-to-Date 2014 Highlights

- Global unit case volume grew 3% in the quarter and 2% year to date. Coca‑Cola International volume grew 3% in the quarter while North America volume was even.

- Sparkling volume and brand Coca‑Cola volume accelerated in North America, Eurasia and Africa, Europe and Asia Pacific in the quarter.

- Global price/mix increased 2% in both the quarter and year to date.

- Reported net revenues declined 1% in the second quarter and 3% year to date. Excluding the impact of structural changes, comparable currency neutral net revenues grew 3% in both the quarter and year to date.

- Reported operating income declined 2% in both the quarter and year to date. Excluding the impact of structural changes, comparable currency neutral operating income grew 5% in the quarter and 6% year to date, resulting in improved operating margins while we continued to invest for growth in our brands with our global system partners.

- Second quarter reported EPS was $0.58, down 1%, and comparable EPS was $0.64, up 1%. Comparable currency neutral EPS increased 6%.

- Year-to-date cash from operations was $4.5 billion.


- All references to growth rate percentages and share 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 carbonated energy drinks and waters.

- “Still beverages” means nonalcoholic beverages without carbonation, including non-carbonated waters, flavored waters and enhanced waters, juices and juice drinks, teas, coffees, sports drinks and non-carbonated energy drinks.

- All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “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.

- First quarter 2014 financial results were impacted by one less selling day, and fourth quarter 2014 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.

- As previously announced, effective Jan. 1, 2014, the Company renamed our Pacific operating segment the Asia Pacific operating segment.

- 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.

About The Coca‑Cola Company

The Coca‑Cola Company (NYSE: KO) is the world's largest beverage company, refreshing consumers with more than 500 sparkling and still brands. Led by Coca‑Cola, the world's most valuable brand, our Company's portfolio features 15 billion-dollar brands including Diet Coke®, Fanta®, Sprite®, Coca‑Cola® Zero™, vitaminwater®, Powerade®, Minute Maid®, Simply™, Georgia™ and Del Valle®. Globally, we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and juices and juice drinks. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy our beverages at a rate of 1.8 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that reduce our environmental footprint, support active, healthy living, create a safe, inclusive work environment for our associates, and enhance the economic development of the communities where we operate. Together with our bottling partners, we rank among the world's top 10 private employers with more than 700,000 system associates. For more information, visit, follow us on Twitter at or find us on LinkedIn at

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