Coca-Cola's earnings meet, but CEO's 'not happy'
Coca-Cola reported earnings Tuesday that were in line with expectations, though the company's CEO said in a statement that he "was not happy with our performance."
Coca-Cola's shares were lower in pre-market trading immediately following the news. (Click here to track its shares before the opening bell.)
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.
The beverage maker cited a challenging global economic malaise and bad weather for its performance.
Muhtar Kent, chairman and CEO said in a statement: "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. While we are not happy with our performance, we did gain global volume and value share in total nonalcoholic ready-to-drink beverages as well as in sparkling and still beverages in the quarter."
During an interview on CNBC's "Squawk Box," Coca-Cola's Chief Financial Officer Gary Fayard said Europe is going to be a long-term recovery while consumption in China has slowed.
"We had always said that along the road there would be a bump here and there," Fayard said. "We didn't expect the world to have a bump. And the whole industry slowed down."
—Reuters contributed to this report.