Coca-Cola income rises on overseas growth

Coca-Cola Company's second-quarter profit rose 18 per cent on strong growth overseas and the acquisition of a bottler. The results beat expectations and the company's stock hit a 52-week high Tuesday.

The world's largest beverage maker has shown consistent growth for years because of major gains in emerging markets such as Latin America, India and China, coupled with steady sales in established markets.

Coca-Cola, based in Atlanta, is now relying more critically on these regions, as its business in established markets like the US and Europe continues to be crimped by economic woes.

CEO Muhtar Kent said the results in an uncertain economy are a testament to the company's strong brands and business fundamentals.

"Many middle-class consumers, especially those in developed economies, are still feeling somewhat confused and fragile," Kent told investors. "At the same time, however, many emerging markets are doing quite well. ... With this as a backdrop, our focus is on maintaining a long-term vision of where the world is headed and in turn, where the Coca-Cola Company wants to go."

Coca-Cola reported yesterday that its net income rose to $2.8 billion, or $1.20 per share, from $2.37 billion, or $1.02 per share, in the same quarter last year. Revenue climbed 47 percent to $12.74 billion, largely on its bottler acquisition.

The results beat analyst forecasts of $1.15 per share on revenue of $12.39 billion, according to FactSet.