Coca-Cola just reported a strong quarter thanks to international growth, and with the Beijing Olympics on the horizon, Chief Financial Officer Gary Fayard said next year should be “phenomenal.”
Especially if the Special Olympics is any indication. Also held in China, this year’s event had better-attended opening ceremonies than both the Atlanta and Athens Olympics, the CFO said.
Coca-Cola hadn’t always been so strong overseas, but Fayard said the company owned up to that fact and took the problem head on. A lot of previously weak areas like Japan, India and the Philippines turned around this quarter. “They’ll never all be right, but we’re making a lot of good progress,” Fayard said.
Fayard explained to Cramer that 80% of Coca-Cola’s business comes from outside the U.S., thanks to the urbanization of China and India, the increasing wealth in emerging markets and the rise of a middle class there. All this has helped Coke capture 5 million new customers.
Fayard and Cramer had an interesting chat during Mad Money’s trip down to Georgia Tech. Be sure to watch the whole video.
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