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Coke 3Q profit flat
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October 18, 2001: 11:34 a.m. ET
No. 1 soft drink maker hit by changes in currency exchange rates.
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NEW YORK (CNNmoney) - Coca-Cola Co. reported flat third-quarter earnings Thursday as the company was affected by changes in currency exchange rates.
Excluding a two-cent per share gain from a secondary offering used to make an acquisition, Coke earned $1.02 billion, or 41 cents per share, on revenue of $5.39 billion. It reported a profit of 43 cents a share in the same period last year on sales of $5.41 billion.
Analysts expected the company to earn 40 cents per share in the quarter, according to earnings tracker First Call.
"We continue to improve our strategic and financial position, and we are a substantially stronger organization today with excellent cash flows and returns," said Coke's chairman and chief executive, Doug Daft. "I am pleased with the overall performance of our system, especially given the challenging conditions that we face in many key markets throughout the world."
Coke (KO: up $1.59 to $45.87, Research, Estimates) said it is comfortable with unit case volume and operating profit for fiscal year 2001, and its outlook for volume and earnings remain unchanged for 2002.
Analysts expect the company to earn $1.56 per share in fiscal year 2001 and $1.77 per share in 2002, according to First Call. 
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