Coca-Cola Says It Won’t Meet Volume Forecasts

Coca-Cola Co. , the world’s No. 1 soft drink company, said it would probably report volume growth of 3% in its fourth quarter, below many analysts’ expectations of 4% to 5% growth. The Atlanta-based company said its unit case volume, a key measure of financial health in the soft drink industry, would grow by about 4% in 2000, also below the beverage giant’s previous forecast of 5% to 6%. Coca-Cola, which attributed its failure to meet volume expectations to softness in its markets in North America, the Philippines, Nigeria and Germany, said it remains poised to deliver strong volume and earnings growth in 2001. The company added that it remains comfortable with ongoing earnings estimates for 2000 and 2001. Analysts on average expect earnings of 38 cents a share in its fourth quarter and $1.44 for 2000 when the company reports results next month, according to First Call/Thomson Financial. Shares of Coca-Cola closed off 50 cents at $56.25 on the NYSE.