While KO just reported EPS [3]in line with guided down expectations of $0.63, it was the top line where the behemoth missed, printing $12.75bn on expectations of $12.97bn. The company promptly admitted that Q2 volumes were weak but just as has been the case with every other company, the biggest culprit promptly emerged: the weather even as it had to admit that not all was well in the world: "Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter." To the surprise of nobody except the Fed Chairman, sellside analysts and the C-suite, the surging USD in the quarter did very little to help profitability:" Currency was a 2% headwind on comparable net revenues and a 3% headwind on comparable operating income in the quarter." Finally, wrapping it all up, when all else fail keep the hopium: "Despite the headwinds in the quarter, we are committed to improving upon our results, with current dynamics leading us to believe that our performance will be better in the second half of the year." That's ironic because that's what everyone else "believes" about everything else.
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