KO Coca Cola Company

By Kimberly Chin 

Coca-Cola Co. said sales grew in the latest quarter, bolstered by beverages such as enhanced water and sports drinks.

Organic revenue, which excludes currency swings, acquisitions and divestitures, increased 6% in the first quarter from a year earlier, the company said Tuesday.

Sales of water, enhanced water and sports drinks grew 6% in the quarter. The company said it saw higher sales in smaller, immediate consumption packages in the category as the company focuses on value over volume.

In its other categories, concentrate sales grew 1% while sparkling soft drinks sales rose 1% as well.

Meanwhile, tea and coffee sales volume were flat, as were sales volume in its juice, dairy and plant-based beverages category. Overall sales volume rose 2% from a year earlier.

Coca-Cola shares rose 3.4% in premarket trading. Shares have gained 11% so far this year.

The beverage company has looked beyond soda for sales growth. Over the last quarter, Coca-Cola completed its acquisition of coffee chain Costa Ltd., seen as a global entryway into hot beverages and coffee.

Net revenue for the beverage company rose 5% to $8.02 billion for the quarter, largely due to the refranchising of company-owned bottling operations and foreign-currency headwinds. Analysts polled by Refinitiv had expected sales of $7.88 billion.

The Atlanta-based company posted a profit of $1.68 billion, or 39 cents a share, up from $1.37 billion, or 32 cents a share, a year earlier. Analysts expected earnings of 46 cents a share.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 23, 2019 08:09 ET (12:09 GMT)

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