Coca-Cola 3Q net income rises 8.4 percent [October 19 2010]

Coca-Cola Co.s third-quarter net income rose 8.4 percent as it sold more of its soft drinks and juices around the world and U.S. sales extended their rebound. The second consecutive quarter of improvements in its North American drinks business is encouraging news for Coca-Cola after four years of declines. The company also raised the value of shares it expects to buy back this year to $2 billion from $1.5 billion.

The worlds largest soft drink maker said Tuesday it earned $2.06 billion or 88 cents per share in the three months ending Oct. 1, up from $1.9 billion or 81 cents per share last year. Excluding one-time items related to restructuring, the company earned 92 cents per share. Revenue rose 4.7 percent to $8.43 billion.

Analysts expected the company to earn 89 cents per share on revenue of $8.3 billion in the quarter, according to Thomson Reuters. Their estimates typically exclude one-time items. Shares rose in premarket trading past the 52-week high set Monday of $60, edging up 40 cents to $60.40. Beverage volume in North America rose 2 percent. Worldwide, the figure rose 5 percent. The soft drink industry has been hurting in the U.S. and other developed countries as shoppers limit their purchases in the weak economy. Shoppers are also turning to juices and teas for health reasons.