The Coca-Cola Co (NYSE:KO) reported earnings for the third quarter of 2017 that were better than expected.

The Coca-Cola Co reported earnings per share of 50 cents for the third quarter of 2017. This is up one penny from its earnings per share reported in the third quarter of 2016. It also came in one penny above Wall Street’s earnings per share estimate for the quarter.

During the third quarter of 2017, The Coca-Cola Co reported revenue of $9.08 billion. This represents a 15% decline from its revenue of $10.63 billion. KO contributes the decline to an 18% headwind from continuing refranchising of bottling territories. However, it still comes in above analysts’ revenue estimate of $8.72 billion for the third quarter of the year.

KO’s refranchising efforts include acquiring a majority of Coca-Cola Beverages Africa until the refranchising is complete. It also says that it made progress with its North America bottler refranchising  plans.

The Coca-Cola Co saw price/mix growth in all regions during the third quarter of the year. This includes price/mix growth of 10% in Latin America, 2% in North America, 1% in Europe, Middle East and Africa, as well as a 1% increase in Asia Pacific. KO says that Mexico was the reason for its strong price/mix growth in Latin America.

The Coca-Cola Co has also reaffirmed its outlook for the full year of 2017 in its most recent earnings report. It is expecting earnings per share to be even to down 2% compared to the $1.91 reported in 2016. Wall Street is estimating earnings per share of $1.90 for the year.

KO stock was up slightly as of Wednesday afternoon and is up 11% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.