Coke Profits on Bottles, Olympics Grain Prices Spell Doom for Archer-Daniels
Compiled From News Services, St Louis Post-Dispatch (MO)
Coca-Cola Co.'s earnings rose 17 percent in the second quarter as the soft-drink giant continued to capitalize on aggressive marketing tied to the Olympics and Coke's uniquely shaped bottles.
Net income for the April-June period totaled $1.05 billion, or 42 cents a share, up from $898 million, or 35 cents a share, for the same period last year, the company said Monday. Revenue was $5.25 billion, up 6 percent from $4.94 billion last year.
The company credited much of the growth to its marketing strategy using plastic contour bottles, which resemble the original glass Coke bottles in various sizes.
ADM's Profit Plunges
Higher grain prices cut Archer-Daniels-Midland Co. profit by more than a third in the latest quarter compared to a year earlier, the company said Monday.
Profits plunged 36 percent to $143.6 million, or 28 cents a share, in the three months ended June 30, the final quarter in its fiscal year. In the same period a year ago, ADM earned $225.6 million, or 42 cents a share.
The company does not announce revenue figures.
ADM said skyrocketing grain prices cost the company 5 cents a share in the fourth quarter and 17 cents for the fiscal year.
Earnings were down 12 percent on the fiscal year to $695.9 million, or $1.33 a share, with profit of $795.9 million, or $1.47 a share, a year earlier.
OTHER EARNINGS: Four of the 15 biggest U.S. banks reported higher profit for the second quarter:
NationsBank of Charlotte, N.C., said earnings climbed 30 percent as it generated more fees and made more loans. …