Considering volatile global economic conditions in the second quarter, things could have been far worse for Coca-Cola (KO) - Get Report . Adjusted for one-time items, earnings came in at $0.60 a share, surpassing Wall Street estimates by two cents. As in recent quarters, Coca-Cola's bottom line benefited from cost cuts and a heavy dose of share repurchases. Coke's net sales fell five percent from the prior year to $11.5 billion, narrowly falling short of analysts' forecasts for $11.6 billion. Excluding the impact of the strong U.S. dollar, sales rose three percent, in line with Wall Street estimates. Coke's closely watched North America market saw mixed results. Sparkling beverage -- which includes products such as Coca-Cola soda and Sprite -- saw volume fall one percent. Volume for still beverages such as tea and water rose three percent. Meanwhile, volatile economic conditions overseas took their toll on Coke, with sales falling in Europe, Latin America and Asia/Pacific. As a result, Coke lowered its full-year organic revenue growth outlook to three percent, from four to five percent previously. It maintained its full-year profit growth target, excluding one-time items, of six to eight percent. TheStreet's Brian Sozzi spoke with Coca-Cola's President and COO James Quincey about the quarter and the reasons behind the more cautious outlook this year.