Shares of Coca-Cola dropped 1.3% in premarket trade after the beverage giant reported second-quarter sales that fell short of forecasts, while profit topped estimates. Earnings for the quarter ending June 27 declined to $2.6 billion, or 58 cents a share, from $2.68 billion, or 59 cents a share. Excluding non-recurring items, the company earned 64 cents a share, above the average analyst estimate compiled by FactSet of 63 cents. Sales declined 1% from a year ago to $12.57, below expectations of $12.83 billion. Global unit case volume rose 3%, as growth in international sales offset flat North America sales. The company said it now expects the impact of the bottling transactions it completed in 2013 to hurt 2014 revenue and earnings more than previously expected. "While I am pleased with our progress to date, we remain focused on the work required to return our business to the level of sustainable growth we and our shareowners expect," said Chief Executive Muhtar Kent.

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