Coca-Cola bottles
Coca-Cola's Q3 earnings were up, but not enough to meet Street estimates REUTERS

The Coca-Cola Co.'s (NYSE:KO) third-quarter earnings rose eight percent to $2.22 billion as revenues surged 45 percent to $12.25 billion. Earnings per share climbed eight percent to 95 cents per share, but fell below the analyst consensus estimate of $1.02 per share.

The rise in earnings came on revenue growth across all geographical divisions. Operating income before currency adjustments grew rapidly in the company’s operations in both North and Latin America.

Driven by a seven percent growth in volume sales and currency benefit, reported operating income for Coca-Cola’s Latin America region was up 25 percent.

In North America, strong sales of the cross-licensed Dr. Pepper brand and revenue growth from the acquisition of former independent distributor CCE Enterprises’ operations drove a rise in reported operating income of 23 percent.

The company said in a statement the results were reflective of a current investment effort known as the 2020 Vision.

“We believe that our 2020 Vision is working. Yet every one of us here at The Coca-Cola Co. knows that we are really just getting started. We remain constructively discontent and resolutely focused on our future – a future filled with abundant opportunities,” said Muhtar Kent, the company's chairman and chief executive, in the statement

Shares of The Coca-Cola Co., which closed at $67 during the previous day’s trading session see-sawed after the opening bell and were down 31 cents, to $66.69 in early morning trading.