Wednesday, 21 August 2019 10:33 GMT
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Coca-Cola profits up on strong North America




(MENAFN - AFP) Coca-Cola reported higher second-quarter profits Tuesday as increased soft drink sales in North America offset the hit from a strong dollar in some overseas markets.

The beverage company also raised some of its full-year profit benchmarks, boosting shares.

Net income was $2.6 billion, up 12.6 percent from the year-ago period.

Revenues climbed 6.1 percent to $10 billion.

Soft drink sales rose four percent during the quarter, with the company's namesake beverage selling well. The company's revamped diet soda, Coca-Cola Zero Sugar, also again notched higher volumes.

The company pointed to new packaging sizes in North America, as well as product launches, such as "Coca-Cola Orange Vanilla."

Coca-Cola has also introduced myriad non-carbonated water, juice and coffee-based drinks in a pitch to consumers concerned about health and high sugar levels.

Volumes increased in Europe, Middle East & Africa and in Latin America, but operating income declined in both regions due largely to the hit from a strong dollar.

"Our strategy to transform as a total beverage company has allowed us to continue to win," said James Quincey, chief executive of Coca-Cola.

"Our progress is positioning the company to create more value for all of our stakeholders, including our shareowners."

Shares rose 1.6 percent to $52.07 in pre-market trading.

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Coca-Cola profits up on strong North America

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