Coca-Cola Beats Estimates but Sales Continue to Lose Fizz

Coca Cola (KO) posted second quarter earnings on Wednesday that beat estimates. The fizzy drinks giant cut expenses and hiked prices to counter sluggish sales as consumers move away from the sugary drinks market. Coke is focusing on its non carbonated beverages and energy drink lines to win back more health conscious customers. The company reported earnings of $0.63 per share, down from last year's $0.64 per share. Revenue was down over 3 percent for the quarter but still beat estimates, coming in at $12.16 billion, compared with last year's $12.57 billion. Analysts were expecting $0.60 per share on revenue of $12.06 billion. In Europe and the U.S. the beverage maker has been rolling out smaller soda cans for higher prices and has benefited from an increased marketing budget and the 'share a Coke' campaign. Coca Cola stock has dropped almost 2.5 percent this year. The company also took a battering from the strong U.S. dollar which has risen over 8 percent in 2015. The Atlanta based company is aiming to save around $3 billion by 2019 through cost cutting initiatives and plans to divest around 50 percent of its U.S. distribution by 2017. Last month Coca Cola bought a 16.7 percent stake in Monster Beverages, gaining access to the company's non energy portfolio, including natural soda and Iced tea lines.