Coca-Cola Co. (NYSE: KO) issued Q3 2006 data today (19 October), prior to the market opening. Chairman and CEO Neville Isdell put a good face on a number of statistics. Overall the news is positive. Worldwide unit case volume increased 5% in Q3, with most of that growth coming from Coca-Cola's international markets. Carbonated beverages grew 5% in volume for Q3, the best quarter since 2000.

Q3 EPS of 62 cents are up 15%, with 8% EPS increase YTD. But numerous times during his remarks, Mr. Isdell stressed that he was more focused on long-term shareholder growth in the face of shorter-term difficulties. Also, marketing campaigns to increase sales and revenues were "gaining traction," code for nor quite hitting the mark just yet. The repeated use of "turning the corner" indicates that Coca-Cola is fighting on a number of fronts.

A few of the financial highlights include Q3 revenues up 7%. Operating income increased 11%. Little repurchase of shares in Q3 but YTD $1.2 billion spent to repurchase shares out of $2-$2.5 billion set aside for that purchase. Globally, Coca-Cola was up in case volume consumption 3% worldwide, Sprite was up 6% worldwide (11% in international markets), Fanta up 7% globally. POWERade was up 7% in unit case volume. Dasani water increased unit case volume 18%. Minute Made showed single-digit growth.

Breaking down these aggregated results into geographic markets indicates that Europe showed a 10% increase in unit case volume. Coca-Cola enjoyed a very successful World Cup marketing campaign, including the successful launch of Coca-Cola Zero in July. Unit case volume grew 9% in North Africa, Eurasia and the Middle East. Very good growth in Russia, China and Turkey.