Analysts Say Coke Hurt by Asia, Russia

Currency collapses in Russia and Asia have dealt a blow to Coca-Cola Co. earnings and volume expectations, beverage industry analysts said after the soft drink giant summoned them to a meeting in New York today. Analysts said they were invited to meet with Chief Executive Douglas Ivester and Chief Financial Officer James Chestnut before the company reports third-quarter results. The move is unusual for Coca-Cola, which generally holds formal analyst meetings once every two years. The last meeting was in June. Bill Peckoriello of Sanford C. Bernstein & Co. said he expects the Coca-Cola executives to discuss the short-term profit implications of the problems in Asia, but he expects them to maintain their strategy for its business there. About 75% of Coca-Cola’s profit comes from overseas, and Ivester told analysts in June the company intended to continue to invest in Asia. Peckoriello and Goldman Sachs analyst Marc Cohen said Coca-Cola is solid in the long term. Coca-Cola shares, which hit an annual high of nearly $89 in mid-July, fell $1.31 to close at $56.69 on the NYSE.