Picture: REUTERS/JACKY NAEGELEN
Picture: REUTERS/JACKY NAEGELEN

Coca-Cola beat estimates for quarterly sales and profit on Tuesday, as it sold more water and soft drinks, including its signature soda and Coke Zero, sending its shares up 4% before the bell.

After facing years of declines in soda sales, beverage makers are attracting consumers with flavoured waters, reformulated recipes, new fruity flavours and low-sugar drinks.

Volumes, a key indicator of demand, grew 2% in the first quarter ended March 29, driven by strength in its Asian and European markets.

Organic sales, which exclude the impact of currency swings and acquisitions, rose 6%. Price hikes and stockpiling by its bottlers due to Brexit uncertainty also helped sales.

Revenue rose 5% to $8.02bn, and the company earned 48c per share on an adjusted basis.

Analysts had forecast earnings of 46c per share on revenue of $7.88bn, according to Refinitiv IBES.

Net income attributable to the company rose to $1.68bn, or 39c per share, in the first quarter ended March 29 from $1.37bn, or 32c per share, a year earlier.

Reuters