KO Coca Cola Company

   By Cara Lombardo 
 

Coca-Cola Co.'s (KO) Diet Coke returned to volume growth in the first quarter after the drinks company added four new flavors in skinny, brightly colored cans.

Analysts have been skeptical that adding flavors like Zesty Blood Orange and Twisted Mango, which are still artificially sweetened, can win back lapsed soda drinkers and keep them around. Diet Coke's sales volume in the U.S. has declined every year since 2006, according to industry-publication Beverage Digest.

The new drinks launched during the quarter, so the results reflect only the first several weeks of sales.

Across its portfolio, Coca-Cola's drink volume grew 3% in the first quarter, the company said Tuesday, including a 4% rise in soda volume and a 5% rise in coffee and tea volumes.

The drinks company's first-quarter organic revenue, which excludes currency swings, acquisitions and divestitures, increased 5% from a year ago. Overall, revenue fell 16% to $7.6 billion, due to the divestiture of refranchising operations. Analysts polled by Thomson Reuters had expected $7.34 billion in revenue.

The Atlanta-based company reported a profit of $1.37 billion, compared with $1.2 billion a year ago.

On an adjusted basis, the company earned 47 cents a share, just above the 46 cents analysts expected.

Coke shares, up 2.1% in the past year, rose 0.8% in premarket trading.

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

April 24, 2018 07:43 ET (11:43 GMT)

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