Coke sales beat analysts" forecasts Coca-Cola, the world's largest soft drinks company by revenues, reported strong first-quarter sales worldwide on Tuesday in spite of turbulence in Europe and signs that China's economic growth is slowing. Net income at Coke rose 8 per cent to $2bn, or 89 cents a share, from $1.9bn, or 82 cents a share, the same quarter a year ago. The results beat expectations of Wall Street analysts and the company's shares rose 0.9 per cent to $72.44 in pre-market trading. Revenues were up 6 per cent year-on-year to $11.1bn, also beating estimates. Coke showed balanced growth, with revenues up 5 per cent in North America, 3 per cent in Latin America and 12 per cent in Asia. Sales and operating income declined in Europe during the quarter. Sales of still beverages rose 9 per cent year-on-year globally, outpacing sales of carbonated beverages, which were up 4 per cent. Last month, figures from Beverage Digest showed that carbonated soft drinks sales in the US fell to their lowest level since 1996 last year as consumers shifted to juices and teas. Coke's namesake brand volume was up 1 per cent from the first quarter of 2011. Muhtar Kent, Coke's chief executive, said in a statement: "Despite a continued mixed global environment, our hardworking teams achieved broad-base volume and value share gains in nonalcoholic ready-to-drink beverages globally." Coke also said in February it was launching a productivity cost-cutting programme and expects to save up to $650m by 2015. The company intends to use those funds to offset commodity costs and to reinvest in marketing. Rival PepsiCo announces its earnings later this month.