Coca-Cola has reported a lower quarterly profit, but the figure was in line with Wall Street estimates as North American sales volume fell 2%.
Net profits were $1.35 billion, or 58 cents per share, in the first quarter to April 3, down from $1.5 billion, or 64 cents per share, a year earlier. Operating revenue fell 2.8% to $7.17 billion as sales by volume rose 2%.
Volume in international markets, which make up the majority of Coke's sales, rose 3%, as strength in emerging markets such as India and China offset a 2% decline in Central and Eastern Europe. That is a slower rate of growth compared with last year.
Coke's results came a day after arch-rival PepsiCo reported a higher than expected profit and announced an unsolicited takeover bid for its two largest bottlers Pepsi Bottling Group and PepsiAmericas.
Pepsi's move resurrected speculation that Coke might take over Coca-Cola Enterprises, its largest bottler. But the company has repeatedly said it had no intention of doing so, and did not mention it in its earnings release.
