Coke profit falls 28%, but beats expectations

Coca-Cola's profit fell 28 per cent in the third quarter, but its results still beat Wall Street expectations.

Its shares rose before the stock market opened on Wednesday.

The world's largest beverage maker said its global volume rose 1 per cent and said it had its strongest gains in the US, Japan and parts of Europe. The Atlanta company's beverages include Diet Coke, Fanta and Powerade.

Overall, the company reported net income of USD 1.05 billion, or 24 cents per share, in the three months ending September 30, compared with USD 1.45 billion, or 33 cents per share, in the same period a year ago.

Earnings, adjusted for non-recurring costs, were 49 cents per share, beating the 48 cents per share analysts expected, according to Zacks Investment Research.

Revenue fell 7 per cent to USD 10.63 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected USD 10.54 billion.

Shares of The Coca-Cola Co rose 71 cents, or 1.7 per cent, to USD 43.25 before the stock market opened on Wednesday.