Coca-Cola (KO) reported mixed third-quarter results on Tuesday, led by emerging market growth in Thailand and India that helped push revenues above Wall Street expectations.

Weakness in Europe and negative foreign exchange rates, though, offset some of the global volume growth and earnings just met estimates.

The Atlanta-based beverage company posted net income of $2.3 billion, or 50 cents a share, compared with a year-earlier profit of $2.2 billion, or 48 cents.

Excluding one-time items, the maker of brands like Sprite, Fanta and Minute Maid earned 51 cents, matching average analyst estimates in a Thomson Reuters poll.

Revenue for the three months ended Sept. 28 was $12.34 billion, up slightly from $12.25 billion a year ago, missing the Street’s view of $12.41 billion.

Global volumes grew 4% during the quarter, up across every geographic operating group including 2% in North America and 5% in international markets.

“We realized growth in the quarter across all five of our global geographic operating groups, despite continued volatility in the worldwide economy,” Coca-Cola CEO Muhtar Kent said in a statement. “We have been able to crack the calculus for growth in this environment.”

Emerging markets were a bright spot for Coke this quarter, with volumes growing 7% in fast-growing developing countries such as Thailand and India, which posted 19% and 15% growth, respectively.

While financial turmoil in Europe and weather-related issues weighed on Coca-Cola’s operations in Europe, volumes there still grew 1% year-over-year. Reported revenues, though, fell 8% on negative foreign exchange rates and price/mix.

Shares of Coca-Cola ticked narrowly lower Tuesday morning to $38.03.

Follow Jennifer Booton on Twitter at @Jbooton