The Coca-Cola Company (NYSE: KO) announced second quarter financial results. Net revenues fell 28% to USD 7.2 Billion while organic revenues dropped 26%. Operating margin amounted to 27.7% compared to 29.9% a year ago. Earnings per share fell 32% to USD 0.41. Cash flow year to date reached USD 2.8 Billion, a 38% drop.
“I’m proud of the people of the Coca-Cola system as we continue to adjust and accelerate our strategies in this fast- changing landscape,” said James Quincey, chairman and CEO of The Coca-Cola Company. “We believe the second quarter will prove to be the most challenging of the year; however, we still have work to do as we drive our pursuit of ‘Beverages for Life’ and meet evolving consumer needs.”
Since its previous earnings update in April, the global unit case volume trends improved sequentially from a fall of 25% in April to a fall of 10% in June. Unit case volume in July month to date is down mid-single digits on a global scale. Even through the high degree of uncertainty, Coca-Cola is focused on emerging stronger by gaining share and consumers while maintaining strong system economics and strengthening its brand with stakeholders and positioning the company to win in the new global climate.