Coca-Cola reported first quarter profits that topped analysts’ estimates on Wednesday, with a sales decline.
The company’s earnings per share came in at $0.45, versus $0.44 expected according to Bloomberg.
Net revenues fell 4% during the quarter.
Sales of sparkling beverages, which include the company’s most popular product — coke — were flat globally. Still-beverage sales increased 7%.
Unit case volume, which represents beverages the company sold to customers, rose 2%.
Business Insider’s Kate Taylor wrote after PepsiCo’s earnings on Tuesday that the future of both companies lies in sales of bottled water. Its consumption is about to overtake soda consumption for the first time since at least the turn of the millennium.
Coca-Cola shares fell 1.5% in pre-market trading. They’re up about 8% this year.