Coca-Cola delivered quarterly earnings and revenue that beat analysts' expectations on Wednesday, as it raised prices in North America to offset the impact of a stronger dollar, which reduced the value of sales from overseas markets.
Net income attributable to shareholders rose to $3.11 billion, or 71 cents per share, in the second quarter ended July 3, from $2.60 billion, or 58 cents per share, a year earlier. Excluding items, the world's largest beverage maker posted earnings of 63 cents per share, down from 64 cents a share in the year-earlier period.
Revenue fell to $12.16 billion from $12.57 billion. The company gets about 41 percent of sales from international markets.
Wall Street had expected Coca-Cola to deliver quarterly earnings excluding items per share of 60 cents on $12.06 billion in revenue, according to consensus estimates from Thomson Reuters.
Worldwide case volume was up 2 percent, more than analysts had been expecting.
Last quarter, the company reported a rise in revenue for the first time in nine quarters, helped by a 6 percent rise in revenue from North America, its biggest market. However, a strengthening U.S. dollar could continue to weigh on Coke's performance.
Coca-Cola shares moved higher in premarket trading following the announcement. (Get the latest quote here.)