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A Vindicated Turkey, Now Investment Grade

For years, Turkey was looked at as that economy that could only be vindicated with full induction into the European Union. But it’s done quite well without that ribbon, thanks. Its stock market is surging and government borrowing costs are plunging. Foreign direct investors want in. Turkey ca...

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SNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASA

EDWARDS, Calif., May 15, 2013 /PRNewswire-USNewswire/ -- Sierra Nevada Corporation's (SNC) Space Systems Dream Chaser flight vehicle arrived at NASA's Dryden Flight Research Center in Edwards, Calif., Wednesday to begin tests of its flight and runway landing systems. The tests are part of p...

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Dream Chaser Begins Testing at NASA

The Dream Chaser space vehicle from the Sierra Nevada Corporation will begin testing of its flight and runway landing systems at NASA’s Dryden Flight Research Center in Edwards, California. The Dream Chaser is another commercially built spacecraft that is being built as part of NASA’s C...

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Turkish PM Attends Ceremony for Turkish-American Culture, Civilization Center

Turkish Prime Minister Recep Tayyip Erdogan on Wednesday attended a groundbreaking ceremony for the Turkish-American Culture and Civilization Center in Maryland. Speaking at the ceremony, Prime Minister Erdogan said that the multi-functional monument would be the honor of the (Turkish) nation. Erdo...

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New York Gets Turkish Flavour thanks to Istanbul 2020 for Turkish Day

Istanbul 2020 is helping bring the Grand Bazaar of Turkey – including its hospitality and cuisine – to New York’s Grand Central Station for the 32nd New York Turkish Day. The Federation of Turkish American Associations decked the Grand Central Terminal with Turkish decorations and...

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A Vindicated Turkey, Now Investment GradeA Vindicated Turkey, Now Investment Grade
2013-05-21 00:52:29 
For years, Turkey was looked at as that economy that could only be vindicated w...
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SNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASASNC's Space Systems Dream Chaser Flight Vehicle Arrived at NASA
2013-05-21 00:44:53 
EDWARDS, Calif., May 15, 2013 /PRNewswire-USNewswire/ -- Sierra Nevada Corporat...
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Dream Chaser Begins Testing at NASA Dream Chaser Begins Testing at NASA
2013-05-16 22:37:25 
The Dream Chaser space vehicle from the Sierra Nevada Corporation will begin te...
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Coca-Cola Profit Tops Estimates After Higher Pricing PDF Print E-mail
2012-07-18 04:24:48
Image Coca-Cola Co. (KO), the world’s largest soft-drink maker, reported second-quarter profit that topped analysts’ estimates, helped by pricing increases in North America late last year. Net income was little changed at $2.79 billion, or $1.21 a share, compared with $2.8 billion, or $1.20, a year earlier, Atlanta-based Coca-Cola said today in a statement. Excluding some items, profit totaled $1.22 a share. Analysts projected $1.19, the average of 14 estimates compiled by Bloomberg.
 

Chief Executive Officer Muhtar Kent raised pricing last year to help recoup higher costs for ingredients such as sweeteners and plastic for bottles. Pricing rose 3 percent in the second quarter, helped by a 5 percent jump in soft drink pricing in North America.

“Coca-Cola delivered another solid and better-than- expected quarter in an increasingly challenging macro environment,” Bonnie Herzog, an analyst with Wells Fargo & Co., said today in a research note. The results are “confirmation of KO’s durability.” She rates the shares outperform, the equivalent of a buy.

Coca-Cola rose 1.6 percent to $77.69 at the close in New York. The shares have gained 11 percent this year.

Commodity costs this year may increase about $300 million from 2011, less than the $350 million to $450 million Coca-Cola had forecast in February. The recent jump in corn futures has been factored into the company’s full-year commodity guidance, Kent said today in an interview.

“Corn is not our only commodity, it’s a combination of coffee and PET and metals and oils and everything else,” Kent said, refering to polyethylene terephthalate, the plastic used in bottles.
Gross Margin

Revenue in the quarter advanced 2.7 percent to $13.1 billion, according to the statement. The volume of drinks sold globally increased 4 percent, including a 1 percent gain in North America. Volume sales in China rose 7 percent while Europe declined 4 percent.

“In Europe, the consumer is pretty confused,” Kent said. “Less people traveling overall, less people eating out, less people driving, less people spending and that’s Europe.”

Gross margin softened in May and June and the trend will continue through the year, Chief Financial Officer Gary Fayard said today during a conference call. The U.S. dollar’s strength against other currencies reduced the value of some sales and shifts in consumer spending to lower-margin products are also to blame, he said.

“Overall, in Europe, USA, and Western economies particularly, we’re going to see a protracted recovery,” Kent said in the interview. “The U.S. will come out of this first and better.”
Last Updated ( 2012-07-18 04:28:46 )
 
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