FEMSA (NYSE:FMX) has a lot of friends in the CAPS community -- 168 bulls, to be precise, contrasted against only two bears. While I'm sure there is plenty of candy left in this pinata, I wonder whether recent results might shake the resolve of a few bulls.

The second quarter of 2007 presents much of the same that investors have seen in previous quarters. While consolidated revenue grew 7.4%, net income from operations eked out an imperceptible 0.6% gain. Yes, net income grew 19%, but that "growth" was due almost entirely to a foreign exchange gain in this quarter (compared to a loss in the year-ago quarter) and other non-operational factors. As we've seen in previous quarters, expenses continued to outpace revenue.

Subsidiary Coca-Cola FEMSA (NYSE:KOF) maintained mid-single-digit growth in shipments, along with 10.5% income from operations. Meanwhile, FEMSA Cerveza benefited nicely from 27.1% growth in beer exports, but higher expenses are dragging down this unit's profitability.

For long-term investors who don't pay attention to temporary economic factors, this is a great company to own. FEMSA's management cannot do much about macroeconomic factors outside their control. Commodities prices (especially grains), Latin American inflation, and a stronger peso all contributed to absorbing growth in revenue that would otherwise flow to the bottom line. However, these conditions will change sooner or later, while FEMSA's core business maintains its steady, predictable top-line growth.

Perhaps the only bit of truly concerning news is the report released July 18, stating that while Coca-Cola FEMSA received permission to acquire Mexico's second largest juice maker, Jugos del Valle, antitrust regulations require FEMSA's Oxxo convenience store chain to eliminate exclusivity deals to sell only FEMSA products. But with Coca-Cola (NYSE:KO) brands so firmly established in Mexico, competitors like PepsiCo (NYSE:PEP) will need more than a presence in Oxxo stores to significantly grow their market share.

Coca-Cola is a Motley Fool Inside Value recommendation.

Fool contributor Jason Ramage does not own shares in any companies mentioned here. His CAPS rating is 14,460 out of more than 60,000 community members. The Fool's disclosure policy enjoys a tasty beverage.