Coca-Cola Climbs After Reporting Better-Than-Expected Quarterly Revenue
NEW YORK (TheStreet) -- Shares of Coca-Cola are climbing on Tuesday after the company reported better-than-expected quarterly revenue, boosted by strong sales in China that offset a drop in Europe and flat volumes in its key North American market.
Shares of Coca-Cola
Case volumes in the country rose 12% in the quarter, offsetting a drop in Europe and flat volumes in North America. Earnings came to 44 cents a share, excluding items, and were in line with analysts' estimates, according to Thomson Reuters. Soda sales remained a challenge, as global sales of carbonated beverages fell 1% by volume. Revenue fell 4% to nearly $10.6 billion, narrowly beating analysts' estimates.
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After returning $713 million to shareholders during the period, the company announced it is planning stock buybacks of between $2.5 billion and $3 billion by the end of this year. Coke also said it will spend $400 million in advertising efforts after the company said its advertising during the Sochi Olympics and Super Bowl improved first-quarter volume.
At last check, shares of Coke were climbing more than 3% to $39.95.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.