Despite increased volumes sold, soda manufacturer Coca-Cola's turnover has not been able to meet analysts' expectations in the third quarter because of a strong dollar.
Coca-Cola's total turnover dropped 5 % to 11.4 billion dollars (10 billion euro), because of a drop in its foreign markets: Asian turnover dropped 11 %, South American turnover dropped 14 % and European turnover 7 %. Together, these three markets represent a third of Coca-Cola's total turnover. North American turnover did grow 1 % because of higher prices, but also thanks to its extended collaboration with energy drink Monster, distributed by Coca-Cola.
It is easy to see that factors like the exchange rates resulted in lower turnover as the volumes sold grew: the third quarter soda volume grew 3 %, while the non-carbonated drinks even grew 6 % in volume.
Third quarter net profit also got hammered and dropped from 2.1 billion dollars (1.9 billion euro) last year, compared to the 1.45 billion dollars (1.38 billion euro) it generated in the third quarter last year.