Coca-Cola's profit falls slightly short
The beverage giant misses Wall Street estimates by a penny, hurt by lost sales in Japan. With video on the company's earnings report.
NEW YORK (Reuters) - Coca-Cola Co's quarterly profit missed Wall Street estimates by a penny, hurt by lost revenue in Japan, and its shares fell 1.4 percent in premarket trading.
Coke, the world's largest soft-drink company, said on Tuesday net income rose to $1.9 billion, or 82 cents per share, in the first quarter, from $1.61 billion, or 69 cents per share, a year earlier.
Post continues after video analysis of Coca-Cola's earnings:
Excluding one-time items, earnings were 86 cents per share, missing analysts' average estimate, according to Thomson Reuters I/B/E/S, by one penny.
Coke said lost revenue in Japan, which was struck by an earthquake and tsunami last month, reduced its earnings by 1 cent per share in the quarter. Net operating revenue rose 40 percent to $10.52 billion, from $7.53 billion a year earlier, due in part to last year's acquisition of North American bottling operations.
Worldwide volume rose 6 percent in the quarter, with North American volume, excluding new cross-licensed brands like Dr Pepper, up 2 percent. Coca Cola shares were down 96 cents at $66.78 in premarket trading.
(Reporting by Martinne Geller, editing by Maureen Bavdek and Derek Caney)