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Coca-Cola profit falls; company expands cost-cutting

[October 21, 2014]  By Anjali Athavaley

NEW YORK (Reuters) - Coca-Cola Co said that its quarterly profit fell 14 percent and that it was expanding cost-cutting initiatives as carbonated beverage volumes in North America declined.

The world's largest beverage maker said that net income for its third quarter ended Sept. 26 was $2.1 billion, or 48 cents a share, down from $2.4 billion, or 54 cents a share from a year earlier.

Coke said it was targeting an annual savings of $3 billion per year by 2019 through an expansion of its productivity initiatives. The company also said that it would refranchise the majority of its company-owned North American bottling territories by the end of 2017 and a substantial portion of the remaining territories no later than 2020.

(Reporting by Anjali Athavaley)

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