New York - Coca-Cola Company, the world’s largest soft-drink company, posted third-quarter earnings that beat analysts’ estimates, helped by sales of smaller, more-profitable package sizes.
Profit was 49 cents a share, excluding some items, the Atlanta-based company said in a statement on Wednesday.
Analysts estimated 48 cents, on average. And while sales fell 6.9% to $10.6bn, which beat analysts’ $10.5bn average projection.
With consumers in developed markets abandoning soda for healthier beverages, chief executive officer Muhtar Kent has changed the core measure of the business from boosting sales volume to increasing profit.
His $3 billion cost-cutting initiative as well as smaller bottles and cans - which sell for a higher price per ounce - have supported earnings, outweighing slowing revenue.
The shares rose 0.8% to $42.89 at 7:03 in early trading in New York. The stock was down 1% this year through on Tuesday.
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