Coke reports large jump in Q1 profit

The Coca-Cola cited strong growth in North America and several international markets as it reported a 35 per cent  jump in first…

The Coca-Cola cited strong growth in North America and several international markets as it reported a 35 per cent  jump in first-quarter profits on a 13 per cent  increase in revenue.

The results, released today, beat Wall Street expectations.

The world's largest beverage maker said it earned $1.13 billion, or 46 cents a share, in the three months ending March 31st, compared to a profit of $835 million, or 34 cents a share, in the same period a year ago.

Last year's results were affected by a 3-cent reduction for streamlining initiatives and a gain related to a litigation settlement.

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Revenue in the first-quarter was $5.08 billion, compared to $4.50 billion a year ago.

Chief financial officer Mr Gary Fayard said it was the first time Coke has ever reported more than $1 billion in profit in the first quarter. He called it "a great start to the year."

In North America, Coke said its unit case volume increased 2 per cent  in the quarter. Diet carbonated soft drinks grew double-digits and trademark Coke had low single-digit growth.

The company also reported first quarter unit case volume growth of 35 per cent  for Powerade, 17 per cent  for Dasani and 7 per cent  for warehouse delivered juices.

But, as in past quarters, Coke's strongest growth was internationally.

It reported 4 per cent  unit case volume growth in its European group, 14 per cent  in China and 16 per cent  in Argentina. Coke said it saw declines in unit case volume growth in Mexico and Brazil.