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Coca-Cola profit tops Street view
July 21, 2010 / 11:56 AM / 7 years ago

Coca-Cola profit tops Street view

<p>Bottles of Coca-Cola are seen on the production line at their bottling plant in Clamart near Paris June 10, 2010. REUTERS/Jacky Naegelen</p>

NEW YORK (Reuters) - Coca-Cola Co (KO.N) 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 I/B/E/S.

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

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

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

Integration planning for the pending acquisition of Coca-Cola Enterprises Inc’s CCE.N 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 percent, to $54 in premarket trading from Tuesday’s close of $53.24 on the New York Stock Exchange.

Reporting by Martinne Geller, editing by Maureen Bavdek

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