Coke profit falls on wet weather, weak economy

(Reuters) - Coca-Cola Co said its quarterly profit fell due to ongoing economic malaise and unusually poor weather, sending its shares down.

Net income dipped to $2.68 billion, or 59 cents per share, in the second quarter, from $2.79 billion, or 61 cents per share, a year earlier, it said on Tuesday.

Excluding items, earnings were 63 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.

Revenue dropped 3 percent to $12.75 billion.

"Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter," Chief Executive Muhtar Kent said in a statement.

Coca-Cola shares fell 3 percent to $39.80 in premarket trading from their close on Monday at $41.01 on the New York Stock Exchange.

(Reporting by Martinne Geller in New York; Editing by Jeffrey Benkoe)

Source: http://news.yahoo.com/coca-cola-second-quarter-profit-falls-113902012.html

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