Coca-Cola's profit dips amid weak volume growth
Updated: Tuesday, July 16 2013, 11:30 PM EDT
NEW YORK (AP) - Coca-Cola says it profit dipped in the latest quarter, as the world's largest beverage maker blamed bad weather and challenging economic conditions for weak volume growth.
The Atlanta-based company, which makes Sprite, Powerade and Dasani, says global volume rose 1 percent in the period. But in its flagship North American market, volume declined 1 percent, including a 4 percent drop in sodas.
Chief Financial Officer Gary Fayard tells CNBC that the soda industry is "susceptible to weather," and a relatively cold, wet few months has leads people to drink less.
Excluding one-time items, the company said it still earned 63 cents per share. That was in line with Wall Street expectations.