Coca-Cola Q1 Net Operating Revenues Up
The company posted a gross profit of $6.57 billion for the first quarter of 2011, compared to $4.98 billion for the same period in 2010. Operating income was $2.28 billion, compared to $2.18 billion for the same period in 2010.
Selling, general and administrative (SG&A) expenses were $4.08 billion for the first quarter of 2011, compared to $2.71 billion for the same period in 2010. Interest income was $94m, compared to $60m for the same period in 2010. Interest expense was $113m, compared to $85m for the same period in 2010.
Reported cost of goods sold was up 55 percent in the quarter. Comparable cost of goods sold was up 56 percent in the quarter, driven by a four percent increase in concentrate sales, a three percent currency impact and the acquisition of CCEâ€™s North American operations, partially offset by the effect of structural changes, principally the sale of the Norway and Sweden bottlers.
Reported SG&A expenses increased 51 percent in the quarter. Comparable SG&A expenses also increased 51 percent in the quarter. Cash from operations was $458m in the first quarter as compared to $1,324m in the prior year.
Worldwide volume grew a strong six percent in the quarter, with growth in all five geographic operating groups. Excluding new cross-licensed brands, primarily Dr Pepper brands, worldwide volume growth was five percent in the quarter. International volume growth was six percent.
Muhtar Kent, chairman and CEO of The Coca-Cola Company said: â€œI am pleased with our first quarter results. Despite ongoing global geopolitical challenges, we once again delivered consistent, quality growth across all five of our geographic operating groups, with broad worldwide share gains across beverage categories.
â€œThe growing value of our brands, our consistent quality operating results and our solid financial performance underscore how our system is steadily and strategically advancing its momentum around the world.â€
Will the firm further improve net operating revenues in Q2?
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