THE COCA-COLA COMPANY has reported strong financial growth for the third quarter of 2010, with profit up by 8.4% on the same period last year, and profits up to $2.1bn for the three months from July to September.
The majority of the profit growth came from growth into overseas markets like Russia (up 30%) and China (12%), though the company’s sales volumes in the often difficulty North American market were also up by 2%.
AFP reported that volume was up in Eurasia and Africa by 12% on average, while Pacific growth was up by 11% – including a 19% increase in sales in the Philippines, and 11% in Japan.
The sales of its total still beverage portfolio – which on these shores includes Riverrock water, as well as the Powerade brand of energy drinks – was also up by 11%.
Coke’s CEO, Muhtar Kent, said the company would “continue to build on our momentum, delivering solid volume, revenue and profit growth this quarter, with our results exceeding all of our long-term targets and generating sustainable value for our shareowners.”
The company is also set to buy back $2bn of its own shares, beating its previous estimate that it would recoup “at least $1.5bn” of shares earlier in the year.
Shares in the company rose by 1.3% on the news, but slipped again shortly afterward. The wider market, however, was down by over 1.1%.
The results are portrayed in a harsher light when compared to those of main rival PepsiCo, which saw its profits jump by 12% in the third quarter.
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