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BREAKING NEWS

Coca-Cola sales, profit beat on strong demand for water, soft drinks

Coca-Cola sales, profit beat on strong demand for water, soft drinks
FILE PHOTO: A Coca-Cola logo is pictured during an event in Paris, France, March 21, 2019. REUTERS/Benoit Tessier/File Photo -
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Benoit Tessier(Reuters)
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(Reuters) - Coca-Cola Co beat estimates for quarterly sales and profit on Tuesday, as it sold more water and soft drinks, including its signature soda and Coke Zero, sending its shares up 4 percent before the bell.

After facing years of declines in soda sales, beverage makers are attracting consumers with flavoured waters, reformulated recipes, new fruity flavours and low-sugar drinks.

Volumes, a key indicator of demand, grew 2 percent in the first quarter ended March 29, driven by strength in its Asian and European markets.

Organic sales, which exclude the impact of currency swings and acquisitions, rose 6 percent. Price hikes and stockpiling by its bottlers due to Brexit uncertainty also helped sales.

Revenue rose 5 percent to $8.02 billion (£6.17 billion), and the company earned 48 cents per share on an adjusted basis.

Analysts had forecast earnings of 46 cents per share on revenue of $7.88 billion, according to Refinitiv IBES.

Net income attributable to the company rose to $1.68 billion, or 39 cents per share, in the first quarter ended March 29 from $1.37 billion, or 32 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Bernard Orr and Anil D'Silva)

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