The Coca-Cola Co. said Wednesday that its first-quarter profit rose 19 percent on a 21 percent increase in sales. The results beat Wall Street expectations.
The Atlanta-based company said its profit was $1.5 billion, or 64 cents a share, in the three-month period ending March 28. That compared to a profit of $1.26 billion, or 54 cents a share, a year earlier.
Excluding a one-time charge of 3 cents a share related to restructuring charges and asset writedowns, Coca-Cola said it earned $1.58 billion, or 67 cents a share, in the quarter.
Analysts polled by Thomson Financial were expecting earnings of 63 cents a share in the quarter. Analysts generally exclude one-time items from their estimates.
Revenue rose to $7.38 billion compared to $6.10 billion a year earlier.
Worldwide unit case volume was up 6 percent for the first quarter and international unit case volume was up 7 percent.
Later Wednesday, the world's largest beverage maker was to hold its annual meeting in Wilmington, Delaware.