Coca-Cola's results top Street, but strong dollar hits sales
ATLANTA -Coca-Cola's (KO) first-quarter performance managed to beat Wall Street's view, even as sales fell 4 percent under pressure from a strong dollar and it dealt with some charges.
The world's largest beverage maker earned $1.48 billion, or 34 cents per share, for the three months ended April 1. A year earlier the Atlanta-based company earned $1.56 billion, or 35 cents per share.
Stripping out charges tied to refranchising certain North American territories and some other costs, earnings came to 45 cents per share. That's a penny above what analysts polled by Zacks Investment Research expected.
Revenue fell to $10.28 billion from $10.71 billion, but still topped the $10.26 billion Zacks' analysts predicted.
Shares of Coca-Cola Inc. edged 1.5 percent lower to $45.89 in premarket trading on Wednesday.