Coca-Cola Co reported a higher-than-expected quarterly profit today, helped by volume gains in its North American and international units.
The world's largest soft drink maker, whose shares rose less than 1 per cent, said third-quarter net income was $2.06 billion, or 88 cents per share, up from $1.90 billion, or 81 cents per share, a year earlier.
Excluding items, Coca-Cola earned 92 cents per share, topping analysts' average estimate of 89 cents.
Revenue rose 5 per cent to $8.43 billion as worldwide volume rose 5 per cent.
Volume in North America rose 2 percent in the third quarter. That follows a 2 per cent increase in the second quarter, which was its first increase in over two years.
Earlier this month, Coca-Cola - whose drinks range from Diet Coke and Sprite to vitaminwater and Minute Maid juice - acquired the North American operations of Coca-Cola Enterprises Inc, its largest bottler.
Coke said its integration efforts are well on track, and repeated its cost-savings target of at least $350 million per year, phased in over the next four years.
Archrival PepsiCo Inc made a similar acquisition, as both soft drink giants seek to turn around the ailing North American market, where soda sales have fallen for the past few years as consumers seek alternative drinks they view as more beneficial to their health.
The deals should give both companies more control and flexibility in selling their drinks.
Coke said international volume rose 6 per cent, fueled by growth of 12 per cent in the Eurasia and Africa business, 11 per cent in the the Pacific region and 4 per cent in Latin America. Volume in Europe was slightly positive, but rounded to even, Coke said.
Coke shares rose 0.8 per cent to $60.50 in premarket trade, up from yesterday's close at $60 on the New York Stock Exchange, a new 52-week high.
Reuters