ATLANTA (AP) _ Coca-Cola Co. (KO) on Tuesday reported first-quarter profit of $2.78 billion.
On a per-share basis, the Atlanta-based company said it had profit of 64 cents. Earnings, adjusted for one-time gains and costs, came to 51 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The world’s largest beverage maker posted revenue of $8.6 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $8.4 billion.
Coke shares have fallen 16% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 13%. The stock has decreased roughly 2% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KO at https://www.zacks.com/ap/KO
The Associated Press