Coca-Cola beats sales estimates in encouraging first quarter

First quarter revenues at soft drinks giant Coca-Cola came in ahead of estimates from analysts on the Street as sales of its water, sports drinks and its zero sugar beverages surged.

The company grew its topline by 5% year-on-year to $8.02bn, coming in well ahead of consensus estimates for $7.88bn, as distributors increased their inventory levels in order to hedge against Brexit-related uncertainties.

Organic sales meanwhile rose by 6%.

Unit case volumes grew 2% globally, boosted by a solid performance in key markets across Asia and Europe. North American unit case volumes declined by 1%, even as net sales for the region rose by 1%.

Coca-Cola recorded net income of $1.68bn for the three months ended 29 March, or $0.39 on a per share basis, up from the $0.32 reported a year earlier.

Chief executive James Quincey said: "We're encouraged by our first quarter results as our disciplined growth strategies continue to deliver strong underlying performance."

Coca-Cola also wrapped up its $5.1bn acquisition of British coffee chain Costa during the quarter.

As of 1310 BST, Coca-Cola shares had fizzed up 3.27% in pre-market trading to trade at $48.95 each.