NEW YORK — Coca-Cola said Tuesday that its profit rose in the third quarter as the world's biggest beverage maker managed to sell more of its drinks despite choppy economic conditions.
The maker of Sprite, Powerade and Vitaminwater said global sales volume edged up 2 percent, fueled by its performance in emerging markets such as China, India and Russia.
In North America, soda volume was flat for the period, following a 4 percent decline in the previous quarter and flat growth a year ago. But uncarbonated drinks rose 5 percent. As a result, overall volume rose 2 percent.
For the quarter, the company said it earned $2.45 billion, or 54 cents per share, up from $2.31 billion, or 50 cents per share, a year ago.
Not including one-time items, earnings per share were 53 cents, which was in line with Wall Street expectations. Revenue fell 3 percent to $12.03 billion, hurt by structural changes and unfavorable currency exchange rates. — AP
NEW YORK — Citigroup said its earnings fell slightly in the third quarter after a $1 billion drop in revenue from its bond trading business and a slump in mortgage refinancing.
Net income for the July-to-August period fell to $3.26 billion from $3.27 billion in the same period a year ago after excluding an accounting gain and other one-time items. The earnings amount to $1.02 per share, compared with $1.06 per share last year.
Revenue fell to $18.2 billion, compared with $19.2 billion a year ago.
In its report Tuesday, the bank said that “significantly lower” mortgage refinancing business in the U.S. contributed to a 7 percent decline in Citi's consumer banking revenue. — AP
SAN FRANCISCO — Yahoo is regaining its appeal among investors a lot faster than with the online advertisers who generate most of its revenue.
The company's latest quarterly results released Tuesday are the latest to underscore CEO Marissa Mayer's challenges even as Yahoo's stock continues to soar under her leadership.
Yahoo Inc. earned $297 million, or 28 cents per share, in the three months ending in September. That's a 91 percent drop from nearly $3.2 billion, or $2.64 per share, at the same time last year.
Last year's profit was lifted by a $2.8 billion windfall from Yahoo's sale of part of its stake in Alibaba Group.
Revenue fell 5 percent from last year to $1.1 billion. — AP
NEW BRUNSWICK, N.J. — Health care giant Johnson & Johnson said Tuesday that third-quarter profit edged up as a big jump in prescription drug sales and lower research spending made up for slumping sales of medical devices.
The company said net income was $2.98 billion, or $1.04 per share, up from $2.97 billion, or $1.05 per share, a year earlier.
Excluding one-time charges, it earned $1.36 per share. That was 4 cents per share better than analysts expected.
The New Brunswick, N.J., company said revenue totaled $17.58 billion, up 3 percent. — AP
NEW YORK — Intel said Tuesday that its third-quarter net income was unchanged, stymied by a continued slump in global PC demand. Intel supplies chips for about four out of every five PCs.
The chipmaker earned $2.95 billion, or 58 cents per share, compared with $2.97 billion, or 58 cents per share, in the same quarter of 2012.
Revenue also was unchanged at about $13.5 billion.
Revenue at the company's personal-computer business fell 3.5 percent to $8.4 billion because of a drop in the number of chips sold, while data center revenue increased 12 percent to $2.9 billion. — AP