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VOL. 40 | NO. 43 | Friday, October 21, 2016

Coke profit falls 28 percent, but beats expectations

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ATLANTA (AP) — Coca-Cola's profit fell 28 percent in the third quarter, but its results still beat Wall Street expectations.

Its shares rose before the stock market opened Wednesday.

The world's largest beverage maker said its global volume rose 1 percent and said it had its strongest gains in the U.S., Japan and parts of Europe. The Atlanta company's beverages include Diet Coke, Fanta and Powerade.

Overall, the company reported net income of $1.05 billion, or 24 cents per share, in the three months ending Sept. 30, compared with $1.45 billion, or 33 cents per share, in the same period a year ago.

Earnings, adjusted for non-recurring costs, were 49 cents per share, beating the 48 cents per share analysts expected, according to Zacks Investment Research.

Revenue fell 7 percent to $10.63 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $10.54 billion.

Shares of The Coca-Cola Co. rose 71 cents, or 1.7 percent, to $43.25 before the stock market opened Wednesday.

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