Coca-Cola’s revenues were crushed by some Latin American countries

source
Thomson Reuters

Coca-Cola reported a 7 percent drop in quarterly revenue, hurt by high levels of inflation in certain Latin American countries and divestitures of some bottling business.

The company said net income attributable to its shareholders fell to $1.05 billion, or 24 cents per share, in the third quarter ended Sept. 30 from $1.45 billion, or 33 cents per share, a year earlier. Comparable earnings per share was $0.49, one cent above analysts’ forecast according to Bloomberg.

Net operating revenue fell to $10.63 billion from $11.43 billion a year earlier, the sixth straight quarter of decline.

Coca-Cola shares rose 1% in pre-market trading.

(Reuters reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D’Silva)