Coca-Cola today reported an 8 per cent jump in quarterly earnings due in part to strong sales of its new Vanilla Coke brand in the United States, the soft drink giant's largest market.
The world's number one soft drink company posted third-quarter net income of $1.16 billion, or 47 cents a share, compared with $1.07 billion, or 43 cents a share, in the same period last year. Revenue soared to $5.32 billion from $4.7 billion.
Analysts' earnings estimates ranged from 47 cents to 49 cents a share, with the average forecast at 48 cents, according to research firm Thomson First Call.
Shares of Coca-Cola, which closed at $52.48 yesterday on the New York Stock Exchange, fell 15 per cent during the third quarter - compared with a 23 per cent drop in the shares of its main rival PepsiCo.