- In its first quarter earnings, Coca-Cola Co. reported 1% growth in net revenue and 8% organic revenue growth.
- Revenue for the quarter was $10.7 billion, which topped analysts' predictions of $10.6 million.
- The company also increased its global value share in the nonalcoholic ready-to-drink beverages category after continued efforts to strengthen and diversify that market's portfolio, including ready-to-drink tea like Fuze Tea and Gold Peak as well as Fairlife milk.
Coca-Cola recognizes that it still has a ways to go following consistent drops in soda sales, but the company is still determined to find new strategies to improve its bottom line. CEO Muhtar Kent said in a statement, "We continue to view 2015 as a transition year as the benefits from the announced initiatives will take time to fully materialize amidst an uncertain and volatile macroeconomic environment."
The company announced a $3 billion cost-cutting plan in October that looks to zero-based budgeting, job losses and a shift in savings toward marketing following missed revenue targets, reports MarketWatch.
These earnings follow a variety of happenings for Coca-Cola, including the revival of the Share a Coke campaign, its NBA partnership ending for next season, snapping up a Chinese beverage business (pending approval), and its Diet Coke brand ceding the No. 2 soda slot in the U.S. to Pepsi, though its signature Coke brand remains on top. Diet Coke volume ticked down 6% globally in Q1.