ATLANTA (AP) — Coca-Cola Co.'s first-quarter net income climbed 18 percent as business overseas strengthened and sales of its sodas and juices rose in all regions of the world.
Still, Coke's results missed Wall Street expectations, partly because of effects from Japan's earthquake and tsunami. Its stock fell in premarket trading.
The world's largest drink maker has been looking to international markets, particularly in developing countries, to help it grow. It has also started to see its U.S. performance improve.
Coca-Cola earned $1.9 billion, or 82 cents per share, for the period ended April 1. That's up from $1.61 billion, or 69 cents per share, a year ago.
Excluding 4 cents per share in restructuring charges and other items, earnings were 86 cents per share. Analysts surveyed by FactSet forecast 87 cents per share.
The company's stock fell $1.24 to $66.50 in premarket trading.
Revenue increased 40 percent to $10.52 billion, but missed Wall Street's estimate of $10.58 billion. Much of the spike resulted from the $3.4 billion acquisition of Coca-Cola Enterprises Inc.'s North American bottling operations.
Worldwide, North America and international volume all climbed 6 percent in the quarter. The Atlanta company said Tuesday that worldwide volume growth was driven by its namesake brand, which rose 3 percent during the period.
Coca-Cola's strongest volume growth was in Eurasia and Africa, which reported an 8 percent increase. Latin America posted a 7 percent rise.
Volume for worldwide sparkling beverages, which includes sodas, energy drinks and flavored waters, climbed 4 percent. Still beverage volume rose 11 percent, powered by juices and juice drinks, ready-to-drink teas, sports drinks and water.
Minute Maid Pulpy had 25 percent volume growth, while Vitaminwater posted an 8 percent increase in North America and double-digit growth internationally.
Coca-Cola has more than 500 brands, including Fanta, Sprite, Powerade and Diet Coke.