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Coca-Cola on track
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September 25, 2001: 2:30 p.m. ET
No. 1 soft drink maker confident of meeting earnings targets for year
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NEW YORK (CNNfn) - Coca-Cola Co. said Tuesday it remains confident of meeting earnings targets for the current year, yet lowered its expectations for worldwide unit case volume for the third quarter and full year.
Atlanta-based Coca-Cola (KO: up $0.87 to $48.90, Research, Estimates), a component of the Dow Jones Industrial average, said it anticipates worldwide unit case volume to grow 4-to-5 percent during both the third quarter and full year.
That's the company's second downward revision to the key industry gauge since June, when it lowered case volume growth estimates to 5-to-6 percent from 7-to-8 percent.
Nevertheless, Coke's stock headed higher, gaining 74 cents to $48.77 in afternoon trading.
"Even though the underlying fundamental strengths of our business have not changed, caution dictates that we closely monitor the increased uncertainty in macroeconomic conditions," CEO Douglas Daft said in a statement. "Not surprisingly, following the tragic events of September 11, we have experienced lower growth rates in the United States as consumers modified their behavior."
Those attacks destroyed the World Trade Center in New York and a section of the Pentagon near Washington, D.C., leaving more than 6,000 people killed or missing.
Coke said it expects third-quarter unit case volume to grow about 3 percent in North America and 3-to-4 percent in Latin America, Europe, and the Middle East.
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It also expects third-quarter unit case volume to grow about 8 percent in Asia and Africa.
The Company expects to report final volume results and earnings for the third quarter during the week of October 15th.
Coke's comments come as the Conference Board reported consumer confidence tumbled in September to 97.6 from 114.0 in August, the biggest one-month decline since October, 1990.
Lower consumer confidence often leads to lower retail sales, but analysts have said that after the attacks, consumer staples such as food and pharmacy are likely to perform better than other items such as jewelry or fashion. 
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Coca-Cola
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