Coca-Cola (NYSE:KO) announced solid first-quarter results that showed respectable volume and revenue growth. The company reported net income of $2.05 billion, or 89 cents per share. That’s up from the year-ago period’s net income of $1.9 billion, or 82 cents per share.
First-quarter revenue increased 6% to $11.14 billion, compared with $10.82 billion in last year’s period.
Overall volume growth was 5%, with expansion in each of the company’s geographic operating groups. International volume reported the highest growth at 6%, while North American volume grew 2%. The world’s largest soft-drink maker credits its “focused in-store activation efforts and the ongoing expansion of cold drink equipment placements,” as a key driver of growth.
Muhtar Kent, Coca-Cola’s chairman and chief executive officer said in a statement, “Our first quarter results underscore The Coca-Cola Company’s resilience and a long-term focus on quality growth in every region of the world. Despite a continued mixed global environment, our hardworking teams achieved broad-based volume and value share gains in nonalcoholic ready-to-drink beverages globally, with volume growth across every geographic operating group and revenue growth ahead of our long-term growth target.”
In Tuesday morning trading, KO shares were up around 2.5%, or $1.80, to $74.19.