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Coke confirms estimates
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September 5, 2000: 5:34 p.m. ET
Strong global soft-drink sales making up for soft North American sales
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NEW YORK (CNNfn) - Coca-Cola Co. stock gained 3 percent Tuesday after the beverage company said it expects to meet Wall Street's third-quarter earnings targets and announced that sales are on track to rise at least 5 percent this year.
 The Atlanta-based soft-drink company also said sales are expected to rise another 6 percent-to-7 percent next year.
The company said it was comfortable with Wall Street's current third-quarter and full-year earnings projections. Coca-Cola is expected to earn 41 cents a share in the quarter ending Sept. 30, according to the consensus estimate of analysts polled by First Call Corp. Coke is expected to earn $1.45 a share for the full year.
Worldwide sales in July and August continued to reflect improving economic conditions in many markets, the company said.
However, sales in North America have been soft this quarter because of "the lingering impact of higher retail pricing," said Jeff Dunn, president of Coca-Cola North America.
In July, Coke reported that second-quarter earnings slipped 2 percent as the costs of a broad corporate restructuring -- which included 5,200 job cuts -- continued to cut into profit. But better-than-expected sales abroad helped the company beat analysts' forecasts.
Coke shares gained $1.74 to $56.00 on the New York Stock Exchange.
Meanwhile, Coca-Cola Enterprises (CCE: Research, Estimates), the largest bottler for the soft drink giant, said after Tuesday's market close that it expects to meet analysts' earnings expectations for the third quarter and the full year despite lower volume in North America and Europe.
The company expects third-quarter volume in North America to be roughly 2 percent below year-earlier levels, and European volume is projected to fall by 2 percent-to-3 percent. But volume should improve during the remainder of 2000 as fall promotion efforts get into full swing, said President and Chief Operating Officer John Alm.
Shares of Coca-Cola Enterprises edged down 6 cents to $18.94 in Tuesday trading. 
-- from staff and wire reports
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Coca-Cola
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