Coca-Cola earnings rise despite dollar drag

Coca-Cola reported higher quarterly profits Wednesday as increased sales in North America offset lower revenues overseas due in part to the strong dollar.

Net income for the second quarter rose 19.8 percent to $3.1 billion.

Revenues dropped 3.3 percent to $12.16 billion.

Sales in North America, which account for nearly half of overall revenues, advanced 3.5 percent to $5.9 billion. However, revenues dropped in all overseas segments. The biggest decline was in Latin America, where sales fell 13 percent to $973 million.

The soda maker notched global growth of two percent in beverage volumes, a rise that included a one percent gain in Coca-Cola and a six percent increase in Coca-Cola Zero.

Net income was boosted by an accounting gain of $1.4 billion related to the purchase of a 16.7 percent stake in Monster Beverage and the transfer Coca-Cola's energy drink business to Monster.

Net income translated into 71 cents per share, or 63 cents when one-time items were excluded. Analysts had projected earnings of 60 cents per share.

Dow member Coca-Cola dipped 0.1 percent in pre-market trade to $41.15.