As Jonathan Berr discussed, Coca-Cola Co. (NYSE: KO) was able to a offset sluggish domestic economy due to strong international sales. The world's largest soft drink maker reported this morning better-than-expected quarterly earnings as the weak dollar was a major driver for its higher overseas sales.The company announced its profit during the first-quarter jumped 19% to $1.50 billion, or 64 cents a share, compared with a profit of $1.26 billion, or 54 cents a share a year earlier. Included in the company's earnings figures was a charge of 3 cents per share tied to restructuring charges and asset writedowns. Excluding that, Coca-Cola's earnings would have come at 67 cents a share. Analysts' forecast (which typically exclude one time items) was for 63 cents per share in the quarter.
The company's quarterly revenue saw a rise of 21% to $7.38 billion, up from $6.10 billion a year ago. Analysts, on average, predicted sales of $6.85 billion in the quarter, according to Thomson Financial.
For this period, the beverage giant benefited from strong noncarbonated drinks such as Vitaminwater and Powerade which helped the company offset weak domestic sales, including carbonated sodas. The current economic slowdown also contributed to Coca-Cola's sluggish domestic numbers.
With the current challenging environment, Wall Street enjoyed Coca-Cola's positive earnings figures which gave investors some hopes that there is still a chance for major companies to surpass the weakening economy. Traders have expressed their enthusiasm over the company's surprising quarterly results, pushing the stock up over 1.3% in early morning trading.
Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.
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