Coca-Cola's 3Q profit up 14 percent

The nation's biggest soft drink seller reported third-quarter profit was 14 percent higher than a year ago, as sales in emerging markets offset U.S. weakness.

"Our brands and our business were built for times like these," Chief Executive Muhtar Kent said on a conference call with investors. "We are clearly in uncharted territory in these global markets. I'm confident in our ability to navigate in these challenging times."

The company posted earnings of $1.89 billion, or 81 cents per share, in the quarter ended Sept. 26. That compares with $1.65 billion, or 71 cents per share, in the year-ago period. Excluding certain charges, earnings per share were 83 cents.

Revenue was $8.39 billion, up 9 percent.

Analysts surveyed by Thomson Reuters had expected 77 cents per share on revenue of $8.53 billion. The estimates typically exclude items.

The company saw a 5 percent increase in case volume in the quarter, including 3 percent growth in carbonated drinks and 10 percent growth in noncarbonated drinks, including juices and bottled water. International sales volume grew 7 percent, with particular strength in countries such as China, Turkey, India, Pakistan and Nigeria.

"This is well ahead of expectation and should help allay fears that global macro pressures will cause significant demand deterioration," Goldman Sachs analyst Judy Hong wrote in a note to investors.

Shares of Coca-Cola rose 48 cents, or 1.1 percent, to $44.21. PepsiCo shares fell $3.15, or 5.8 percent, to $51.25.

Kent said sales in emerging markets would continue to fuel growth and that the market in North America will pose challenges into 2009.