Coca-Cola profit tops Street view; shares up

Coca-Cola Co reported a higher-than-expected quarterly profit on Wednesday, helped by increased sales volume in most of its markets.                                            
 

The maker of Diet Coke, Sprite and Fanta soft drinks said net income was $2.37 billion, or $1.02 per share, in the second quarter that ended on July 2, up from $2.04 billion, or 88 cents per share, a year earlier.                                            
 

Excluding restructuring charges and costs related to global productivity initiatives, Coke earned $1.06 per share, topping analysts'' average estimate of $1.03 per share, according to Thomson Reuters IBES.                                            

Operating revenue rose to $8.67 billion from $8.27 billion a year ago.                                           

Sales by volume rose 5% worldwide, driven by increases in all of its markets except Europe, where volume fell 1%.                   
 

Volume rose 2 percent in North America, 7% in Latin America, 6% in the Pacific region and 10% in the Eurasia and Africa region.

Integration planning for the pending acquisition of Coca-Cola Enterprises Inc's North American business remains on track with an expected close in the fourth quarter, the company said.     

Coca-Cola shares rose 76 cents, or 1.4%, to $54 in premarket trading from Tuesday's close of $53.24 on the New York Stock Exchange.