Coca-Cola's 1Q profit dips, but more drinks sold

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Associated Press

Posted on April 15, 2014 at 7:00 AM

Updated Tuesday, Apr 15 at 7:03 AM

NEW YORK (AP) — Coca-Cola's first-quarter profit fell nearly 8 percent as the world's biggest beverage maker faced a stronger dollar and made structural changes abroad.

But the company sold more of its drinks worldwide, and its earnings matched expectations.

The Atlanta-based company says global sales volume rose 2 percent. In its flagship North American market, where Americans have been cutting back on soda for years, volume was flat.

Net income fell to $1.62 billion, or 36 cents per share. That compares with net income of $1.77 billion, or 39 cents per share a year ago.

Excluding one-time items, net income totaled 44 cents per share, matching analyst expectations.

Revenue fell 4 percent to $10.58 billion. Analysts expected $10.5 billion.

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