But the company said it remained poised to deliver strong volume and earnings growth in 2001 and added that it remained comfortable with earnings estimates for 2000 and 2001.
The World Cup also contributed to volume and earnings during the quarter, he said.
Mr. Powell, not unexpectedly, called his company the better performer, pointing to the company's strong growth rates not only in beer volume but earnings.
The confidence has been shaken of investors by the magnitude of the collapses we have seen, whether Enron and Global Crossing, the unprecedented volume of earnings restatements, and the slowness of the agency's responsiveness.
But after resolving some internal problems, including reaching a $192.5 million settlement of the racial discrimination case in late 2000, he has slowly scaled back Coke's forecasts for volume and earnings growth, signaling that a full recovery remains elusive.
"We did 36 consecutive years of increases in volume and earnings, and then things fell off," says Ilitch, still incredulous.
The research firm predicted Deromedi will be "realistic" about the company's long-term volume and earnings per share targets.
The company said worldwide economic volatility and uncertainty in emerging markets continue to hurt its sales volume and earnings.
"All indications are that we will finish 2001 in excellent fashion and we plan for another strong volume and earnings year in 2002 despite global economic conditions".
Companies whose ratios of trading volume to earnings are in the lowest quartile become candidates for inclusion in Zebra's two recently launched mutual funds.
