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Coca-Cola's 2Q net income slips on rising commodity costs
NEW YORK (AP) The Coca-Cola Co. says its net income slipped in the second quarter from a year ago, as rising commodity costs offset its expansion overseas.
The world's biggest beverage maker which makes Minute Maid, Powerade and Dasani says its revenue growth was powered by emerging markets such as India. But that growth was offset by higher costs for ingredients and slower growth at home.
For the three months ended June 29, the company said it earned $2.79 billion, or $1.21 per share. That's down from $2.8 billion, or $1.20 per share, in the year-ago period.
The higher per-share result in the latest quarter was the result of a reduced number of outstanding shares.
Analysts polled by FactSet on average expected earnings of $1.19 per share.