Soft drinks company Coca-Cola the world's largest beverage company, on Tuesday reported higher quarterly profit that beat Wall Street estimates as strength in emerging markets such as China and Russia overshadowed weakness in North America.
Net income for the first quarter ended March 30 rose 14% to $1.26 billion, or 54 cents a share, from $1.11 billion, or 47 cents a share, a year earlier.
Excluding items including a charge from an asset write-off in a Philippines bottler and gains on the sales of an equity interest in a Brazilian bottler, the company earned 56 cents a share.
Analysts on average were expecting 53 cents a share, according to Reuters Estimates.
Coca-Cola, like rival PepsiCo
Coke's North American sales were flat last year, while sales in Eurasia grew in the double-digits.
Net operating revenue rose 17% to $6.10 billion as worldwide unit case volume, a key metric in the beverage industry, grew 6%, helped by strength in Latin America, China, Eastern Europe, South Africa, Nigeria, and Russia.
Revenue gains were helped by a 6% increase in sales of soft drink concentrate, a 5% increase related to acquisitions of certain bottlers, a 3% benefit from pricing and product mix, and a 3% benefit from currency fluctuations.