UPDATE 5-Coca-Cola profit tops view, shares jump 7 pct

* Q4 adj EPS 64 cents tops Wall St view by 3 cents

* Revenue down 2.7 pct; global volume up 4 pct

* Says hopes to meet long-term growth targets this year

* Shares up 6 percent; PepsiCo up 1.3 pct (Adds comments on cost-savings, details on PepsiCo)

By Martinne Geller

NEW YORK, Feb 12 (Reuters) - Coca-Cola Co (KO.N) posted a better-than-expected quarterly profit on Thursday, as double-digit volume gains in China, India and Eastern Europe offset a decline in North America, and shares rose 6 percent.

More than three-quarters of Coke's sales volume comes from abroad, a statistic analysts have often pointed to when trying to predict whether the world's top soft drink maker, or its rival PepsiCo Inc (PEP.N), would outperform in the recession.

Coke said global sales by volume rose 4 percent. JPMorgan analyst John Faucher called that "kind of remarkable" since eight large beverage and household product makers have reported results so far, and Coke is only the second to see a quarterly gain, after Colgate-Palmolive Co (CL.N).

Rival PepsiCo Inc (PEP.N), which gets a much greater share of revenue from North America, will report results on Friday.

"Volume was better than I expected it would be and the earnings were better," said Steve Dixon, portfolio manager of the Global Beverage Fund at New York-based Arnhold & S. Bleichroeder. Dixon's fund holds shares in Coke and Pepsi.

"What really (stood) out to me was the consistency of the results across geographies and product lines, of course with the exception being North America," he said.

Coke said net income fell to $995 million, or 43 cents per share, in its fourth quarter, from $1.21 billion, or 52 cents per share, a year ago.

Excluding items profit was 64 cents per share, versus 61 cents forecast by Wall Street, according to Reuters Estimates.

Revenue fell 2.7 percent to $7.13 billion, hurt by recent divestitures of some bottlers and the strengthening U.S. dollar, which depresses the value of overseas sales.

CURRENCY HEADWINDS

Coke said a stronger dollar reduced quarterly operating income 9 percent and forecast a hit of 10 to 12 percent for the current first quarter. It did not estimate the full-year impact, saying volatility made it "impossible to forecast."