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Coke sees 4Q volume up
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December 19, 2001: 9:06 a.m. ET
World's largest soft drink company expects case volume to rise 4% to 5 %.
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NEW YORK (CNN/Money) - Coca-Cola Co., the world's No. 1 soft drink company, said Wednesday it sees worldwide case volume growing 4-to-5 percent in the fourth quarter as its North American sales continue to improve.
The Atlanta-based firm also reiterated its guidance for 11-to-12 percent earnings growth in 2001 and 2002.
Analysts expect Coca-Cola to earn 37 cents a share in the fourth quarter, $1.57 a share in 2001 and $1.77 next year, according to First Call.
In a quarterly update, the company said unit case volume, a key measure of financial health in the soft drink industry, also likely will grow by about 4 percent for the entire year.
"As we move into next year, we remain confident that the progress we have made and the focus on the strategic priorities we have articulated will enable us to continue delivering strong and consistent growth worldwide," Chairman and CEO Douglas Daft said.
He added that the company was pleased that growth trends in North America, its largest and most important market, appeared solid despite an economic downturn.
Coca-Cola forecast that unit case volume will grow 2 to 3 percent in North America in the fourth quarter and about 2 percent for 2001.
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Softness in the U.S. market was one of the factors that prompted Coca-Cola earlier this year to lower its volume-growth forecast for 2001 to between 4 and 5 percent from a previous range of 5 to 6 percent.
Coca-Cola (KO: Research, Estimates) shares gained 24 cents to $46.70 in before-hours trading Wednesday. The shares have fallen about 23 percent since the beginning of the year and have underperformed those of main rival PepsiCo Inc., whose shares are down 4 percent. 
-- from staff and wire reports
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