ATLANTA (AP) – The Coca-Cola Co. surprised investors with a better-than-expected first quarter but cautioned that it’s still expecting slower growth for the full year.
Atlanta-based Coke reported net income of $1.7 billion, or 39 cents per share, up from 32 cents per share in the January-March period a year ago.
Without one-time items, Coke earned 48 cents per share, beating Wall Street’s expectations. Analysts forecast earnings of 46 cents per share. Revenue grew 5% to $8.02 billion, also topping analysts’ expectations.
Unit case volume – the number of cases of Coke beverages sold to customers – grew 2%, helped by strong sales in Southeast Asia and Europe. Volume dropped 1% in North America, but CEO James Quincey said that was partly due to rising sales of mini cans, which jumped 14% in the quarter.
Revenue growth was aided by a buildup of inventory by bottlers ahead of Brexit. That pull-ahead will be a drag on earnings in the fourth quarter, the company said.