TIM WIMBORNE
Coca-Cola Co. quarterly profit missed Wall Street estimates by a penny, hurt by lost revenue in Japan.
Coke, the world's largest soft-drink company, said Tuesday profit 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.
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 per cent 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 per cent in the quarter, with North American volume, excluding new cross-licensed brands like Dr Pepper, up 2 per cent.