Beverage firm Coca-Cola (KO) announced that its third-quarter earnings came in better than the consensus estimate. For the quarter, Coke brought in 88 cents per share ($2.06 billion), or 92 cents per share excluding items. The consensus estimate called for earnings of 89 cents per share.

Turning to revenue, Coke saw a 5% increase to $8.43 billion. The company noted that its integration efforts are "well on track," stressing its savings target of at least $350 million per year. These savings will be implemented during the next four years.

In another indication that healthier premium beverages are supplanting soft drinks, Coca Cola (NYSE: KO) has agreed to pay Glaceau, the maker of Vitaminwater, for $4.2 billion in cash and stock.

While it's not exactly a cheap purchase, I think it makes a lot of sense for Coke. Vitaminwater has had huge growth of late, and that looks likely to continue. With sales of soft drinks flat or even declining, it needs something to drive revenue growth.

This should also be seen as good news for Berkshire Hathaway (NYSE: BRK.A), a major Coke shareholder. Chairman Warren Buffett is regularly seen drinking Cherry Coke, especially at annual meetings but, as he gets older and investors worry about who will succeed him, a switch to a more healthful, vitamin-filled, lower-calorie beverage could extend his tenure at the helm of Berkshire.

Shares of Coke were up on news of the deal, and the price tag could be used to assign a value to other next-generation beverage companies. It makes Hansen Natural (NASDAQ: HANS) look interesting, with its market cap of around $3.6 billion.