Coca-Cola's profit in line with estimates, revenue is light

RetailReuters

Coca-Cola Co reported quarterly earnings in line with Wall Street estimates on Tuesday, but revenue fell slightly short, and its shares fell nearly 1 percent in premarket trading.

The world's biggest soft-drink maker, with brands such as Sprite, Fanta and Minute Maid, said revenue and profit were hurt by the stronger U.S. dollar, which reduces the value of overseas sales.

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Coca-Cola gets the majority of its sales from outside the United States, so shifts in currency can have a noticeable effect on results.

Net income was $2.31 billion, or 50 cents per share, in the third quarter that ended on Sept. 28, up from $2.22 billion, or 48 cents per share, a year earlier.

Excluding items, earnings were 51 cents per share, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.

Revenue rose 1 percent to $12.34 billion. Analysts were expecting revenue of $12.41 billion.

Coke's shares slid 0.9 percent to $37.80 in premarket trading.