Coca-Cola Q3 Profit Jumps 14 Percent, Tops Estimates

Atlanta, GA (AHN) - The Coca-Cola Company announced Wednesday third quarter earnings rose 14 percent as strong earnings growth in emerging markets more than offset falling demand domestically.

The beverage company posted third quarter profits of $1.89 billion or 81 cents a share, compared to $1.65 billion or 71 cents a share in the same period a year earlier. Revenue was strong, up 11 percent to $8.39 billion.

Earnings results topped the 77 cents a share expected by analysts, according to Thomson Reuters. However, revenue fell short of the $8.53 billion estimate. The results come just a day after top rival PepsiCo reported an earnings shortfall.

"Our brands and our business were built for times like these," Chief Executive Muhtar Kent said on a conference call, according to the Associated Press. "We are clearly in uncharted territory in these global markets. I'm confident in our ability to navigate in these challenging times."

Coca-Cola reported strong results in emerging markets with volumes up 17 percent in China, 18 percent in India and 17 percent in both Brazil and Mexico. Overall, international markets had volume growth of 7 percent while volume in North America fell 2 percent.

The company reported strong results for its Glaceau Vitamin Water, with volume increasing by double digits. Demand for Coke's new Zero cola remained strong as case volume jumped 30 percent in the third quarter.

The company maintained its 2008 full year forecast and said its liquidity position remains strong.

Shares of Coca-Cola rose 1.1 percent on Wednesday to $44.21 a share.