Shares of Coca-Cola Co. dropped 1.3% in premarket trade Wednesday, after the beverage giant beat profit expectations, but missed on revenue. Earnings fell to $1.48 billion, or 34 cents a share, from $1.56 billion, or 35 cents a share, in the same period a year ago. Excluding non-recurring items, such as one-time charges related to refranchising certain territories and restructuring, adjusted earnings per share came to 45 cents, above the FactSet consensus of 44 cents. Revenue fell 4% to $10.28 billion, just shy of the FactSet consensus of $10.29 billion. Global unit case volume increased 2%, with sparkling beverage volume flat and still beverages rising 7%. For 2016, the company expects organic revenue to grow 4% to 5%, which is in line with Coke's long-term target. "Amidst a challenging global macro environment, the continued focus on our five strategic initiatives enabled us to gain global value share in the first quarter and deliver positive top-line growth and strong underlying margin expansion," said Chief Executive Muhtar Kent. The stock has surged 8.5% year to date through Tuesday, while the Dow Jones Industrial Average has gained 3.6%.
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