The Coca-Cola Co. released results for first quarter 2014. Reported net revenues declined 4 percent, while excluding the impact of structural changes, comparable currency neutral net revenues grew 2 percent. Global unit case volume grew 2 percent. Coca-Cola International volume grew 2 percent while North America’s volume was even. Reported operating income declined 1 percent. Excluding the impact of structural changes comparable currency neutral operating income grew 7 percent while the company accelerated investments behind its brands. Reported earnings per share (EPS) were $0.36, down 6 percent, and comparable EPS was $0.44, down 4 percent. Comparable currency neutral EPS increased 5 percent. The company gained both global volume and value share in nonalcoholic ready-to-drink beverages, with value share gains ahead of volume share gains. As part of the expansion of its productivity and reinvestment program announced in February, the company announced it is on track to invest an incremental $400 million in 2014 media initiatives in order to accelerate top-line growth. Cash from operations was $1.1 billion. Full report.
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