ATLANTA (AP) - Coca-Cola Co. (KO) on Tuesday reported earnings that declined by 3 percent in its second quarter, and beat analysts' expectations.<br />
The Atlanta-based company said profit fell to $2.6 billion, or 58 cents per share, from $2.68 billion, or 59 cents per share, in the same quarter a year earlier.<br />
Earnings, adjusted for non-recurring costs and asset impairment costs, came to 64 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.<br />
The company said revenue dropped 1.4 percent to $12.57 billion from $12.75 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $12.85 billion, according to Zacks.<br />
Coca-Cola shares have risen $1.09, or 2.6 percent, to $42.40 since the beginning of the year, while the Standard & Poor's 500 index has increased 6.8 percent. The stock has increased $1.56, or 3.8 percent, in the last 12 months.
U.S. stocks are closing sharply higher after China's main stock index logged its biggest gain in eight weeks. A report also showed that the U.S. economy expanded at a much faster pace than previously estimated.