Coca-Cola Beats Profit, Revenue Estimates

The Coca-Cola Co. said Wednesday it had net income of $3.1 billion, or 71 cents a share, in the second quarter, up from $2.6 billion, or 58 cents a share, in the year-earlier period. Adjusted per-share earnings came to 63 cents, ahead of the FactSet consensus of 60 cents. Revenue came to $12.2 billion, down 3% from $12.6 billion a year ago, but ahead of the FactSet consensus of $12.1 billion. Global volumes were up 2% in the quarter, while the drinks giant gained volume share in the non-alcoholic ready-to-drink beverage category. The strong dollar shaved 11 points off operating income in the quarter, and is expected to remain a headwind for the rest of the year. Shares were slightly lower in premarket trade, and are down 2.4% in the year so far, while the Dow Jones Industrial Average has gained 0.5%.